Pay Less at the Pump Act

Bill: 118-s-1942
Sponsor: full_name: Sen. Barrasso, John [R-WY]
Introduced: 2023-06-13
Policy area: Taxation
Latest action: action_date: 2023-06-13
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2023-06-13
action_desc: Introduced in Senate
text: <p><strong>Pay Less at the Pump Act</strong></p><p>This bill eliminates the excise tax on domestic crude oil and imported petroleum products (known as the petroleum Superfund tax rate) beginning on January 1, 2023. The bill also eliminates the authority for advances to the Hazardous Substance Superfund from the General Fund of the Treasury.</p><p>Under current law, the petroleum Superfund tax rate imposed is 16.4 cents per barrel (indexed annually for inflation). Amounts collected from this tax are deposited into the Hazardous Substance Superfund, which finances the remediation of certain environmentally contaminated sites. &nbsp;</p><p>Further, under current law, the authority for advances to be appropriated to the Hazardous Substance Superfund extends through 2032.</p>

tv_txt: II 118th CONGRESS 1st Session S. 1942 IN THE SENATE OF THE UNITED STATES June 13, 2023 Mr. Barrasso (for himself, Ms. Lummis , Mrs. Blackburn , Mr. Lankford , Mr. Risch , Mr. Lee , Mr. Scott of South Carolina , Mr. Hoeven , and Mr. Thune ) introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To amend the Internal Revenue Code of 1986 to terminate the Hazardous Substance Superfund financing rate.

1. Short title This Act may be cited as the Pay Less at the Pump Act . 2. Termination of Hazardous Substance Superfund financing rate (a) In general Section 4611 of the Internal Revenue Code of 1986 (as amended by section 13601 of Public Law 117–169 ) is amended by inserting after subsection (d) the following new subsection: (e) Application of Hazardous Substance Superfund financing rate The Hazardous Substance Superfund financing rate under this section shall not apply after December 31, 2022. . (b) Termination of authority for advances Section 9507(d)(3)(B) of such Code (as so amended) is amended— (1) by striking December 31, 2032 and inserting the date of the enactment of the Pay Less at the Pump Act , and (2) by striking on or before such date and inserting on a quarterly basis from unobligated amounts available in such Fund until repaid in full . (c) Effective date (1) In general The amendment made by subsection (a) shall take effect on January 1, 2023. (2) Termination of authority for advances The amendments made by subsection (b) shall take effect on the date of the enactment of this Act.