The Gas Tax Relief Act would suspend federal gasoline and diesel fuel taxes for at least 90 days starting from when the bill is enacted, reducing the tax rate to zero during that period. The legislation would affect all drivers and fuel consumers by lowering pump prices, though the exact savings would depend on how much of the federal tax reduction gets passed along by gas stations and refineries. To prevent the Highway Trust Fund and the Leaking Underground Storage Tank Trust Fund from losing revenue during the tax holiday, the Treasury Department would transfer money from the general federal fund to make up the difference. The President has the discretion to extend the tax suspension for an additional 125 days if economic conditions warrant it, or to gradually phase the taxes back in rather than reinstate them all at once. This temporary measure aims to provide relief at the gas pump for consumers during a period of potentially high fuel prices.
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