with respect to which the taxpayer has entered 
into a binding contract for the construction 
thereof on or before the date of the enactment 
of this Act. 
SEC. 6. SUSPENSION OF FUEL TAXES ON HIGHWAY MOTOR 
FUELS WHEN WEEKLY UNITED STATES RE-
TAIL GASOLINE PRICES EXCEED BENCH-
MARK. 
(a) IN GENERAL.—Section 4081 of the Internal Rev-
enue Code of 1986 (relating to imposition of tax on motor 
and aviation fuels) is amended by adding at the end the 
following new subsection: 
‘‘(f) SUSPENSION OF HIGHWAY MOTOR FUEL TAXES 
WHEN RETAIL GASOLINE EXCEEDS BENCHMARK.— 
‘‘(1) IN GENERAL.—During any suspension pe-
riod, the tax imposed by this section and section 
4041 on highway motor fuel shall be suspended. 
‘‘(2) DEFINITIONS
AND
SPECIAL
RULE.—For 
purposes of this subsection— 
‘‘(A) SUSPENSION
PERIOD.—The term 
‘suspension period’ means the period— 
‘‘(i) beginning on the date on which 
the weekly United States retail gasoline 
price, regular grade (as published by the 
Energy Information Administration, De-
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partment of Energy), inclusive of such tax, 
is greater than $3.00 per gallon, and 
‘‘(ii) ending on the date on which such 
price (as so published), without regard to 
this subsection, does not exceed $3.00 per 
gallon. 
‘‘(B) HIGHWAY MOTOR FUEL.—The term 
‘highway motor fuel’ means any fuel subject to 
tax under this section or section 4041 other 
than aviation gasoline and aviation-grade ker-
osene.’’. 
(b) MAINTENANCE
OF TRUST FUNDS DEPOSITS; 
AMOUNTS APPROPRIATED TO TRUST FUNDS TREATED AS 
TAXES.— 
(1) IN
GENERAL.—There is hereby appro-
priated (out of any money in the Treasury not other-
wise appropriated) to each trust fund which would 
(but for this subsection) receive reduced revenues as 
a result of a suspension in a rate of tax by reason 
of section 4081(f) of the Internal Revenue Code of 
1986 (as added by this section) an amount equal to 
such reduction in revenues. Amounts appropriated 
by the preceding sentence to any trust fund— 
(A) shall be transferred from the general 
fund at such times and in such manner as to 
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replicate to the extent possible the transfers 
which would have occurred had such section 
4081(f) not been enacted, and 
(B) shall be treated for all purposes of 
Federal law as taxes received under the appro-
priate section referred to in such section 
4081(f). 
(c) EFFECTIVE DATE.—The amendment made by 
this section shall take effect on the date of the enactment 
of this Act. 
(d) FLOOR STOCK REFUNDS.— 
(1) IN GENERAL.—If— 
(A) before the tax suspension date, tax has 
been imposed under section 4081 of the Inter-
nal Revenue Code of 1986 on any highway 
motor fuel, and 
(B) on such date such fuel is held by a 
dealer and has not been used and is intended 
for sale, 
there shall be credited or refunded (without interest) 
to the person who paid such tax (hereafter in this 
subsection referred to as the ‘‘taxpayer’’) an amount 
equal to the excess of the tax paid by the taxpayer 
over the tax which would be imposed on such fuel 
had the taxable event occurred on such date. 
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(2) TIME FOR FILING CLAIMS.—No credit or re-
fund shall be allowed or made under this subsection 
unless— 
(A) claim therefor is filed with the Sec-
retary of the Treasury before the date which is 
6 months after the tax suspension date based 
on a request submitted to the taxpayer before 
the date which is 3 months after the tax sus-
pension date by the dealer who held the high-
way motor fuel on such date, and 
(B) the taxpayer has repaid or agreed to 
repay the amount so claimed to such dealer or 
has obtained the written consent of such dealer 
to the allowance of the credit or the making of 
the refund. 
(3) EXCEPTION
FOR
FUEL
HELD
IN
RETAIL 
STOCKS.—No credit or refund shall be allowed under 
this subsection with respect to any highway motor 
fuel in retail stocks held at the place where intended 
to be sold at retail. 
(4) DEFINITIONS.—For purposes of this sub-
section— 
(A) TAX
SUSPENSION
DATE.—The term 
‘‘tax suspension date’’ means the first day of 
any suspension period in effect under section 
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4081(f) of the Internal Revenue Code of 1986 
(as added by subsection (a) of this section). 
(B) OTHER TERMS.—The terms ‘‘dealer’’ 
and ‘‘held by a dealer’’ have the respective 
meanings given to such terms by section 6412 
of such Code. 
(5) CERTAIN RULES TO APPLY.—Rules similar 
to the rules of subsections (b) and (c) of section 
6412 of such Code shall apply for purposes of this 
subsection. 
(e) FLOOR STOCKS TAX.— 
(1) IMPOSITION OF TAX.—In the case of any 
highway motor fuel which is held on the tax restora-
tion date by any person, there is hereby imposed a 
floor stocks tax equal to the excess of the tax which 
would be imposed on such fuel had the taxable event 
occurred on such date over the tax (if any) pre-
viously paid (and not credited or refunded) on such 
fuel. 
(2) LIABILITY FOR TAX AND METHOD OF PAY-
MENT.— 
(A) LIABILITY
FOR
TAX.—The person 
holding highway motor fuel on the tax restora-
tion date to which the tax imposed by para-
graph (1) applies shall be liable for such tax. 
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