Summary: S.2285 — 106th Congress (1999-2000)All Information (Except Text)

There is one summary for S.2285. Bill summaries are authored by CRS.

Shown Here:
Introduced in Senate (03/23/2000)

Amends the Internal Revenue Code to provide for: (1) a 4.3 cents per gallon reduction in taxes on gasoline, diesel fuel, and kerosene during the period beginning after April 15, 2000, and ending before January 1, 2001; and (2) a zero rate of tax during such period if the national average price of unleaded regular gasoline is at least two dollars per gallon. Provides: (1) for the modification of such reduction if it would result in a reduction in revenues to the Treasury exceeding the Federal on-budget surplus; and (2) that in determining the amounts to be appropriated to the Highway Trust Fund and the Airport and Airway Trust Fund, an amount equal such reduction in revenues to the Treasury shall be treated as taxes received. Sets forth similar provisions with respect to the tax on: (1) fuel used in commercial transportation on inland waterways; and (2) aviation fuel. Sets forth floor stocks provisions.

Expresses the sense of the Congress that: (1) consumers should immediately receive the benefit of the reduction; and (2) motor fuels producers and dealers should take such actions as necessary to reduce prices to reflect any reduction. Requires a study and report.