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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.
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.
Summary
This bill temporarily suspends federal fuel excise taxes on gasoline when the national average price exceeds $3.99 per gallon, with the tax reduction equal to the amount by which the price exceeds the threshold. During months when gasoline prices are above $3.99 per gallon, oil and gas companies are prohibited from claiming certain tax deductions and credits, including deductions for intangible drilling costs and credits for enhanced oil recovery and marginal well production. The bill requires the Treasury to transfer funds to the Highway Trust Fund and Leaking Underground Storage Tank Trust Fund to offset the lost excise tax revenue. The provisions take effect for tax years beginning after December 31, 2025.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
8 cosponsors
Money behind the sponsor
Top reported contributors to Brendan F. Boyle’s campaign committee (2024 cycle) — who funds the bill’s sponsor, not a claim about this bill. Data from FEC.
- ROCKET COMPANIES $9,900
- THE DASCHLE GROUP $9,300
- MASSMUTUAL $8,000
- CORNERSTONE GOVERNMENT AFFAIRS $7,300
- GOLDMAN SACHS $6,850
Organizations whose employees gave the most — itemized individual contributions grouped by the donor’s reported employer (FEC Schedule A). Full finance for Brendan F. Boyle → · Outside spending →
Actions (2)
- Apr 30, 2026 Referred to the House Committee on Ways and Means. · house
- Apr 30, 2026 Introduced in House
Similar bills (6)
Bills with similar text or summary — includes reintroductions across Congresses. Ranked by semantic similarity of the bill text (computed locally); a neutral discovery aid, not a claim the bills are duplicates.
Full text
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
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. <all>
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