Gas Tax Relief Act

The Gas Tax Relief Act would temporarily eliminate federal excise taxes on gasoline and diesel fuel for a period beginning on the date of enactment and lasting either 90 days or, at the President’s discretion, up to 215 days, with potential for a phased reinstatement of taxes thereafter. The bill affects consumers and businesses that purchase or sell taxable fuels by suspending the standard fuel tax rates and the Leaking Underground Storage Tank Trust Fund financing rate during the holiday period. To maintain funding levels for the Highway Trust Fund and the Leaking Underground Storage Tank Trust Fund, the Treasury would transfer equivalent amounts from the general fund to these trust…

No official summary is available here. This one was written by AI from the bill’s text.