This bill would temporarily suspend federal excise taxes on gasoline and diesel fuel starting immediately upon enactment. The tax holiday would last for 90 days, or potentially up to 180 days if the President determines that economic conditions warrant the extension. To prevent impacts on transportation funding, the bill requires the Treasury Department to transfer money from the general Treasury to the Highway Trust Fund and the Leaking Underground Storage Tank Trust Fund to replace the tax revenue that would normally come from these fuel taxes. The bill affects all consumers who purchase gasoline and diesel fuel during the suspension period and aims to lower prices at the pump.
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