H.R. 8600

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 8600 Introduced in House (IH)]

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119th CONGRESS
2d Session
H. R. 8600

To amend the Internal Revenue Code of 1986 to temporarily suspend 
certain fuel excise taxes for fuel separated during periods in which 
the national average price of gasoline exceeds $3.99 per gallon, and to 
prohibit certain credits or deductions for oil and gas companies during 
such periods.

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IN THE HOUSE OF REPRESENTATIVES

April 30, 2026

Mr. Boyle of Pennsylvania introduced the following bill; which was 
referred to the Committee on Ways and Means

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A BILL

To amend the Internal Revenue Code of 1986 to temporarily suspend 
certain fuel excise taxes for fuel separated during periods in which 
the national average price of gasoline exceeds $3.99 per gallon, and to 
prohibit certain credits or deductions for oil and gas companies during 
such periods.

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

SECTION 1. SUSPENSION OF TAX ON REMOVAL, ENTRY, OR SALE OF CERTAIN 
FUEL; SUSPENSION OF CERTAIN CREDITS AND DEDUCTIONS FOR 
OIL AND GAS COMPANIES.

(a) In General.--
(1) In general.--Section 4081 of the Internal Revenue Code 
of 1986 is amended by adding at the end the following new 
subsection:
``(f) Partial Suspension of Tax During Certain Periods.--In any 
month during which the national average price of gasoline exceeds $3.99 
per gallon, the tax imposed by subsection (a) shall be reduced (but not 
below zero) by 1 cent for each cent of such excess average price.''.
(2) Transfers to trust fund.--
(A) In general.--The Secretary of the Treasury (or 
the Secretary's delegate) 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 the partial suspension under section 4081(f) of such 
Code (as added by paragraph 1 of this section).
(B) Coordination rules.--
(i) Leaking underground storage tank trust 
fund.--Amounts transferred to the Leaking 
Underground Storage Tank Trust Fund under 
subparagraph (A) 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.
(ii) Highway trust fund.--Amounts 
transferred to the Highway Trust Fund under 
subparagraph (A) 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.
(b) Intangible Drilling Costs.--Section 263(c) of such Code is 
amended by adding at the end the following new sentence: ``This section 
shall not apply with respect to any costs incurred during any month 
described in section 4081(f).''.
(c) Enhanced Oil Recovery Credit.--Section 43 of such Code is 
amended by adding at the end the following new subsection:
``(f) Credit Not Applicable to Costs Paid or Incurred During 
Disqualified Periods.--No credit shall be allowed under this section 
for costs paid or incurred during any month described in section 
4081(f).''.
(d) Marginal Well Credit.--Section 45I(d) of such Code is amended 
by adding at the end the following new paragraph:
``(4) Production during disqualified periods excluded.--No 
credit shall be allowed under this section for production 
during any month described in section 4081(f).''.
(e) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2025.
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