S. 2971 · 110th Congress
A bill to amend the Internal Revenue Code of 1986 to provide for a suspension of the highway fuel tax, and…
Full title
A bill to amend the Internal Revenue Code of 1986 to provide for a suspension of the highway fuel tax, and for other purposes.
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Never voted on. It didn't reach a floor vote before the 110th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
ClintonSponsor2 cosponsors · 2 D
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Amends the Internal Revenue Code to suspend excise taxes on gasoline and diesel fuels between May 26, 2008, and September 1, 2008. Provides for reimbursement from the Treasury to the Highway Trust Fund for any reduction in Trust Fund receipts resulting from such suspension.
What it does: CRS summary · Introduced in Senate · May 2, 2008
Amends the Internal Revenue Code to suspend excise taxes on gasoline and diesel fuels between May 26, 2008, and September 1, 2008. Provides for reimbursement from the Treasury to the Highway Trust Fund for any reduction in Trust Fund receipts resulting from such suspension.
Expresses the sense of Congress that: (1) consumers immediately receive the benefit of the reduction in taxes resulting from the suspension of gasoline excise taxes; and (2) transportation motor fuels producers and other dealers take necessary actions to reduce fuel prices to reflect such reduction in taxes. Directs the Federal Trade Commission (FTC) and the Commodity Futures Trading Commission (CFTC) to monitor oil, diesel, and gasoline markets to: (1) ensure that consumers receive the benefit resulting from the suspension of taxes; and (2) prevent price gouging and market manipulation.
Imposes in taxable years beginning in 2008 an excise fee of 50% of the excess profit of integrated oil companies and other producers or refiners of crude oil with gross receipts exceeding $1 billion. Defines "excess profit" for purposes of this Act.
Directs the Secretary of Energy to suspend acquisition of petroleum for the Strategic Petroleum Reserve through the royalty-in-kind program or any other acquisition method until December 31, 2008. Permits an earlier resumption of petroleum acquisition for periods when the weighted average price of petroleum is $75 or less per barrel.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: A bill to amend the Internal Revenue Code of 1986 to provide for a suspension of the highway fuel tax, and for other purposes.
Latest action (May 2, 2008): Read twice and referred to the Committee on Finance.
Policy area: Taxation · Origin: Senate · Introduced: May 2, 2008
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.