To amend the Internal Revenue Code of 1986 to temporarily suspend certain fuel excise taxes for fuel separated during periods in which the national average price of gasoline exceeds $3.99 per gallon, and to prohibit certain credits or deductions for oil and gas companies during such periods.

[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [H.R. 8600 Introduced in House (IH)] <DOC> 119th CONGRESS 2d Session H. R. 8600 To amend the Internal Revenue Code of 1986 to temporarily suspend certain fuel excise taxes for fuel separated during periods in which the national average price of gasoline exceeds $3.99 per gallon, and to prohibit certain credits or deductions for oil and gas companies during such periods. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES April 30, 2026 Mr. Boyle of Pennsylvania 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 temporarily suspend certain fuel excise taxes for fuel separated during periods in which the national average price of gasoline exceeds $3.99 per gallon, and to prohibit certain credits or deductions for oil and gas companies during such periods. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SUSPENSION OF TAX ON REMOVAL, ENTRY, OR SALE OF CERTAIN FUEL; SUSPENSION OF CERTAIN CREDITS AND DEDUCTIONS FOR OIL AND GAS COMPANIES. (a) In General.-- (1) In general.--Section 4081 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection: ``(f) Partial Suspension of Tax During Certain Periods.--In any month during which the national average price of gasoline exceeds $3.99 per gallon, the tax imposed by subsection (a) shall be reduced (but not below zero) by 1 cent for each cent of such excess average price.''. (2) Transfers to trust fund.-- (A) In general.--The Secretary of the Treasury (or the Secretary's delegate) 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 Unde