Section 1 Short title
This Act may be cited as the “American Families Gas Tax Relief Act”.
American Families Gas Tax Relief Act
A BILL
To provide a fuel tax holiday.
Sec. 2 Fuel tax holiday
In general— In the case of any gasoline (other than aviation gasoline), diesel fuel, or kerosene removed, entered, or sold on or after the date of enactment of this Act and on or before the date that is 120 days after such date of enactment—
the rates of tax specified in clauses (i) and (iii) of section 4081(a)(2)(A) of the Internal Revenue Code of 1986 shall be zero, and
the Leaking Underground Storage Tank Trust Fund financing rate under section 4081(a)(2)(B) of such Code shall not apply to such gasoline, diesel fuel, or kerosene.
Transfers to Trust Funds—
In general— The Secretary of the Treasury (or the Secretary’s delegate) shall transfer from the general fund of the Treasury 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).
Coordination rules—
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) of such Code as taxes received in the Treasury under section 4081 of such Code which are attributable to the Leaking Underground Storage Tank Trust Fund financing rate under such section.
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 under such section.
Benefits of tax reduction should be passed on to consumers—
In general— It is the policy of Congress that—
consumers immediately receive the benefit of the reduction in taxes resulting from the application of subsection (a), and
transportation motor fuels producers and other dealers take such actions as necessary to reduce transportation motor fuels prices to reflect such reduction.
Enforcement— The Secretary of the Treasury (or the Secretary’s delegate) 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.