H.R. 10589

Highlight any text to annotate

The Consumer Fuel Costs Relief Act would eliminate federal excise taxes on motor and aviation fuels for approximately one year, from the date of enactment through September 30, 2027. This tax holiday would temporarily reduce the 18.4-cent-per-gallon federal tax on gasoline and similar taxes on diesel and aviation fuel. The bill aims to lower fuel prices for consumers and airlines, though it includes a congressional policy statement urging fuel producers and retailers to pass the tax savings directly to consumers rather than absorbing them as profits. To prevent the loss of highway funding, the Treasury Department would transfer money from the general fund to compensate the Highway Trust Fund and the Leaking Underground Storage Tank Trust Fund for the lost tax revenue. The bill also directs the Treasury Department, Federal Trade Commission, and Commodity Futures Trading Commission to monitor fuel markets and enforce the price reduction mandate, with authority to penalize companies that fail to pass savings to consumers.

Add a comment

Sign in to comment on this bill.

Annotate the text

Highlight any passage on the Summary or Full Text tab to attach a note. Annotations appear on the Annotations tab.