3.0.0 2971 2019-11-15T21:57:49Z 2019-11-15T21:57:49Z Senate S S 2008-05-02 110 ssfi00 Finance Committee Senate Standing Referred to 2008-05-02T14:53:14Z A bill to amend the Internal Revenue Code of 1986 to provide for a highway fuel tax holiday. 110 2890 S 2008-04-17 Read twice and referred to the Committee on Finance. Related bill CRS 2008-05-02 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2008-05-02 Introduced in Senate IntroReferral 10000 9 Library of Congress C001041 Sen. Clinton, Hillary Rodham [D-NY] HILLARY CLINTON D NY R N M000639 Sen. Menendez, Robert [D-NJ] Robert Menendez D NJ 2008-05-02 True B001233 Sen. Bayh, Evan [D-IN] EVAN BAYH D IN 2008-05-07 False Taxation Commerce Diesel motor Economics and Public Finance Energy Energy prices Excess profits tax Excise tax Gasoline Government trust funds Highway finance Income tax Oil and gas royalties Petroleum Petroleum industry Petroleum reserves Restrictive trade practices Tax deductions Tax rates Transportation and Public Works Taxation 00 2008-05-02 Introduced in Senate 2009-04-10T18:10:34Z Amends the Internal Revenue Code to suspend excise taxes on gasoline and diesel fuels between May 26, 2008, and September 1, 2008. Provides for reimbursement from the Treasury to the Highway Trust Fund for any reduction in Trust Fund receipts resulting from such suspension.

Expresses the sense of Congress that: (1) consumers immediately receive the benefit of the reduction in taxes resulting from the suspension of gasoline excise taxes; and (2) transportation motor fuels producers and other dealers take necessary actions to reduce fuel prices to reflect such reduction in taxes. Directs the Federal Trade Commission (FTC) and the Commodity Futures Trading Commission (CFTC) to monitor oil, diesel, and gasoline markets to: (1) ensure that consumers receive the benefit resulting from the suspension of taxes; and (2) prevent price gouging and market manipulation.

Imposes in taxable years beginning in 2008 an excise fee of 50% of the excess profit of integrated oil companies and other producers or refiners of crude oil with gross receipts exceeding $1 billion. Defines "excess profit" for purposes of this Act.

Directs the Secretary of Energy to suspend acquisition of petroleum for the Strategic Petroleum Reserve through the royalty-in-kind program or any other acquisition method until December 31, 2008. Permits an earlier resumption of petroleum acquisition for periods when the weighted average price of petroleum is $75 or less per barrel.

]]> A bill to amend the Internal Revenue Code of 1986 to provide for a suspension of the highway fuel tax, and for other purposes. Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to provide for a suspension of the highway fuel tax, and for other purposes. Display Title A bill to amend the Internal Revenue Code of 1986 to provide for a suspension of the highway fuel tax, and for other purposes. Introduced in Senate 2008-05-02T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110s2971is/xml/BILLS-110s2971is.xml 2008-05-02 Read twice and referred to the Committee on Finance. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.