Bill > HR7926

This bill aims to temporarily suspend the federal gas tax and impose a temporary fee on excess oil profits. Specifically, the bill would: 1. Suspend the federal gas tax on gasoline from the date of enactment through December 31, 2023, with provisions to maintain deposits into the Highway Trust Fund and Leaking Underground Storage Tank Trust Fund. 2. Provide floor stock refunds to dealers who held gasoline before the tax suspension date and have not used or sold it. 3. Impose a one-time 50% excise fee on the "excess profit" of integrated oil companies for their first taxable year after December 31, 2021. The "excess profit" is defined as the company's adjusted taxable income above a "reasonably inflated average profit" based on the 2015-2019 period. The goal is to provide consumers with immediate relief from high gasoline prices while also taxing oil companies' windfall profits during the same period.

Budget and Finance

https://www.congress.gov/bill/117th-congress/house-bill/7926/all-info