Gas Price Relief: Temporary Suspension of Federal Gasoline Tax.
This bill temporarily eliminates the federal excise tax on gasoline until January 1, 2025, aiming to immediately lower fuel prices for consumers. The legislation ensures that funds typically used for road maintenance and environmental cleanup (Highway Trust Fund) are protected by transferring equivalent amounts from the general federal budget. The government is authorized to enforce that the tax reduction directly results in lower prices for drivers.
Key points
Zero federal gasoline tax: This means potentially lower prices at the pump for drivers until the end of 2024.
Protection of infrastructure funds: Lost tax revenue is replaced by transfers from the general budget, safeguarding funding for road construction and repair.
Mandate to pass savings to consumers: The government has enforcement authority to ensure the tax reduction is immediately reflected in retail prices.
Expired
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