Gas Prices Relief Act of 2022
Bill: H.R.6787 | Sponsor: Rep. O'Halleran, Tom (D-AZ)
Policy area: Taxation

Summary:
Gas Prices Relief Act of 2022
This bill provides for a temporary exemption through 2022 from the excise tax on gasoline (other than aviation gasoline) and from the Leaking Underground Storage Tank Trust Fund financing rate. The Department of the Treasury must transfer from the general fund to the Highway Trust Fund and the Leaking Underground Storage Tank Trust Fund amounts resulting from the exemption provided by this bill.
The bill also expresses congressional policy that consumers immediately receive the benefit of this exemption.

To amend the Internal Revenue Code of 1986 to provide a gasoline tax 
                                holiday.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Gas Prices Relief Act of 2022''.

SEC. 2. FINDINGS.

    Congress finds the following:
            (1) As of February 2022, the Consumer Price Index rose 7.5 
        percent from one year ago, the largest increase in 40 years.
            (2) Compared with 2021, the energy index rose 27 percent 
        and food costs rose 7 percent, placing an unprecedented burden 
        on American families.
            (3) Shipping costs have increased year-over-year, raising 
        the price of important groceries like milk, eggs, bread, meat, 
        and other goods.
            (4) According to data from the Federal Highway 
        Administration, the average American driver drives 14,263 miles 
        per year. A suspension of the Federal gas tax would save the 
        average American more than $100 per year.
            (5) The Infrastructure Investment and Jobs Act provided 
        $118 billion in funding from the general fund to supplement the 
        Highway Trust Fund.
            (6) The 18.4 cent Federal gas tax disproportionately 
        impacts rural Americans, who must travel longer distances to go 
        to the grocery store, see their doctors, go to the pharmacy to 
        pick up their prescriptions, or travel to their jobs or school.
            (7) On August 30, 2021, the Federal Trade Commission 
        announced enhanced efforts to step up enforcement on oil and 
        gas companies for alleged collusion that led to increased gas 
        prices for American consumers.
            (8) Since 2008, Congress has transferred funds from the 
        general fund to the Highway Trust Fund three times to ensure 
        the fund remained solvent.
            (9) Oil companies reported record profits in 2021 while 
        Americans continue to struggle under high gas prices, 
        inflation, and ongoing impacts of a pandemic.
            (10) The Organization of Petroleum Exporting Countries 
        (OPEC) takes actions to control oil production by considerably 
        influencing international oil prices at the expense of American 
        consumers.
            (11) A temporary gas tax holiday is one way to lower prices 
        for American consumers as we continue to work towards long-term 
        energy independence.

SEC. 3. 2022 GASOLINE TAX HOLIDAY.

    (a) In General.--In the case of gasoline removed, entered, or sold 
on or after the date of the enactment of this Act and before January 1, 
2023--
            (1) the rate of tax under section 4081(a)(2)(A)(i) of the 
        Internal Revenue Code of 1986 shall be zero; and
            (2) the Leaking Underground Storage Tank Trust Fund 
        financing rate under section 4081(a)(2) of such Code shall not 
        apply to gasoline to which the rate under paragraph (1) 
        applies.
    (b) Transfers to Trust Fund.--
            (1) In general.--The Secretary of the Treasury 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 subsection (a).
            (2) Coordination rules.--
                    (A) 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)(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.
                    (B) 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.
    (c) Benefits of Tax Reduction Should Be Passed on to Consumers.--
            (1) It is the policy of Congress that--
                    (A) consumers immediately receive the benefit of 
                the reduction in taxes resulting from the application 
                of subsection (a); and
                    (B) transportation motor fuels producers and other 
                dealers take such actions as necessary to reduce 
                transportation motor fuels prices to reflect such 
                reduction.
            (2) Enforcement.--The Secretary 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.
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