S.2890 - A bill to amend the Internal Revenue Code of 1986 to provide for a highway fuel tax holiday.110th Congress (2007-2008)
|Sponsor:||Sen. McCain, John [R-AZ] (Introduced 04/17/2008)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 04/17/2008 Read twice and referred to the Committee on Finance. (All Actions)|
This bill has the status Introduced
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Summary: S.2890 — 110th Congress (2007-2008)All Information (Except Text)
Introduced in Senate (04/17/2008)
Amends the Internal Revenue Code to suspend excise taxes on gasoline and diesel fuels between May 26, 2008, and September 1, 2008. Provides for reimbursement from the Treasury to the Highway Trust Fund for any reduction in Trust Fund receipts resulting from such suspension.
Expresses the policy of Congress that: (1) consumers immediately receive the benefit of the reduction in taxes resulting from this Act; and (2) transportation motor fuels producers and other dealers take necessary actions to reduce fuel prices to reflect such reduction in taxes.