[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 8600 Introduced in House (IH)]
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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.
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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
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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 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 the partial suspension under section 4081(f) of such
Code (as added by paragraph 1 of this section).
(B) Coordination rules.--
(i) Leaking underground storage tank trust
fund.--Amounts transferred to the Leaking
Underground Storage Tank Trust Fund under
subparagraph (A) 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.
(ii) Highway trust fund.--Amounts
transferred to the Highway Trust Fund under
subparagraph (A) 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.
(b) Intangible Drilling Costs.--Section 263(c) of such Code is
amended by adding at the end the following new sentence: ``This section
shall not apply with respect to any costs incurred during any month
described in section 4081(f).''.
(c) Enhanced Oil Recovery Credit.--Section 43 of such Code is
amended by adding at the end the following new subsection:
``(f) Credit Not Applicable to Costs Paid or Incurred During
Disqualified Periods.--No credit shall be allowed under this section
for costs paid or incurred during any month described in section
4081(f).''.
(d) Marginal Well Credit.--Section 45I(d) of such Code is amended
by adding at the end the following new paragraph:
``(4) Production during disqualified periods excluded.--No
credit shall be allowed under this section for production
during any month described in section 4081(f).''.
(e) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 2025.
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