Federal Legislation Would Temporarily Suspend The Gasoline Tax

Last Wednesday, U.S. Senators Mark Kelly (D-AZ) and Maggie Hassan (D-NH) introduced legislation that would suspend the 18.3 cpg federal excise tax on gasoline and 0.1 cpg leaking underground trust fund (LUST) tax through the end of 2022.

“The Gas Prices Relief Act,” S. 3609, could prove popular during an election year.

S. 3609 would also by requiring the Secretary of the Treasury to monitor the program in order to “ensure oil and gas companies pass along the savings at the pump to consumers” by encouraging?the Secretary to take enforcement actions if such action does not occur.?

They argue the bill will “maintain the integrity of the Highway Trust Fund?(HTF) and the LUST Fund by requiring the Department of the Treasury to make general fund transfers to keep the Funds solvent.”

The bill is unlikely to become law.

TAP HERE for all articles in February 14 EXPRESS Update