Gas Prices Relief Act of 2022
This bill provides for a temporary exemption through 2022 from the excise tax on gasoline (other than aviation gasoline) and from the Leaking Underground Storage Tank Trust Fund financing rate. The Department of the Treasury must transfer from the general fund to the Highway Trust Fund and the Leaking Underground Storage Tank Trust Fund amounts resulting from the exemption provided by this bill.
The bill also expresses congressional policy that consumers immediately receive the benefit of this exemption.
[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6787 Introduced in House (IH)]
<DOC>
117th CONGRESS
2d Session
H. R. 6787
To amend the Internal Revenue Code of 1986 to provide a gasoline tax
holiday.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
February 18, 2022
Mr. O'Halleran (for himself, Ms. Davids of Kansas, Ms. Schrier, Mr.
Harder of California, Mr. Kildee, Mr. Correa, Ms. Slotkin, Mrs.
Cherfilus-McCormick, and Mr. Morelle) introduced the following bill;
which was referred to the Committee on Ways and Means
_______________________________________________________________________
A BILL
To amend the Internal Revenue Code of 1986 to provide a gasoline tax
holiday.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Gas Prices Relief Act of 2022''.
SEC. 2. FINDINGS.
Congress finds the following:
(1) As of February 2022, the Consumer Price Index rose 7.5
percent from one year ago, the largest increase in 40 years.
(2) Compared with 2021, the energy index rose 27 percent
and food costs rose 7 percent, placing an unprecedented burden
on American families.
(3) Shipping costs have increased year-over-year, raising
the price of important groceries like milk, eggs, bread, meat,
and other goods.
(4) According to data from the Federal Highway
Administration, the average American driver drives 14,263 miles
per year. A suspension of the Federal gas tax would save the
average American more than $100 per year.
(5) The Infrastructure Investment and Jobs Act provided
$118 billion in funding from the general fund to supplement the
Highway Trust Fund.
(6) The 18.4 cent Federal gas tax disproportionately
impacts rural Americans, who must travel longer distances to go
to the grocery store, see their doctors, go to the pharmacy to
pick up their prescriptions, or travel to their jobs or school.
(7) On August 30, 2021, the Federal Trade Commission
announced enhanced efforts to step up enforcement on oil and
gas companies for alleged collusion that led to increased gas
prices for American consumers.
(8) Since 2008, Congress has transferred funds from the
general fund to the Highway Trust Fund three times to ensure
the fund remained solvent.
(9) Oil companies reported record profits in 2021 while
Americans continue to struggle under high gas prices,
inflation, and ongoing impacts of a pandemic.
(10) The Organization of Petroleum Exporting Countries
(OPEC) takes actions to control oil production by considerably
influencing international oil prices at the expense of American
consumers.
(11) A temporary gas tax holiday is one way to lower prices
for American consumers as we continue to work towards long-term
energy independence.
SEC. 3. 2022 GASOLINE TAX HOLIDAY.
(a) In General.--In the case of gasoline removed, entered, or sold
on or after the date of the enactment of this Act and before January 1,
2023--
(1) the rate of tax under section 4081(a)(2)(A)(i) of the
Internal Revenue Code of 1986 shall be zero; and
(2) the Leaking Underground Storage Tank Trust Fund
financing rate under section 4081(a)(2) of such Code shall not
apply to gasoline to which the rate under paragraph (1)
applies.
(b) Transfers to Trust Fund.--
(1) In general.--The Secretary of the Treasury shall
transfer from the general fund to the Highway Trust Fund
established under section 9503(a) of the Internal Revenue Code
of 1986 and the Leaking Underground Storage Tank Trust Fund
established under section 9508(a) of such Code amounts equal to
the reduction in amounts credited (but for this subsection) to
each such Trust Fund by reason of subsection (a).
(2) Coordination rules.--
(A) Leaking underground storage tank trust fund.--
Amounts transferred to the Leaking Underground Storage
Tank Trust Fund under paragraph (1) shall be treated
for purposes of sections 9503(b)(1) and 9508(b)(2) of
such Code as taxes received in the Treasury under
section 4081 of such Code attributable to the Leaking
Underground Storage Tank Trust Fund financing rate.
(B) Highway trust fund.--Amounts transferred to the
Highway Trust Fund under paragraph (1) shall be treated
for purposes of section 9503(b)(1) of such Code as
taxes received in the Treasury under section 4081 of
such Code which are not attributable to the Leaking
Underground Storage Tank Trust Fund financing rate.
(c) Benefits of Tax Reduction Should Be Passed on to Consumers.--
(1) It is the policy of Congress that--
(A) consumers immediately receive the benefit of
the reduction in taxes resulting from the application
of subsection (a); and
(B) transportation motor fuels producers and other
dealers take such actions as necessary to reduce
transportation motor fuels prices to reflect such
reduction.
(2) Enforcement.--The Secretary may use all applicable
authorities to ensure that the benefit of the reduction in
taxes resulting from the application of subsection (a) is
received by consumers.
<all>
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
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