To amend the Internal Revenue Code of 1986 to suspend the excise tax on highway motor fuels, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Gas Tax Holiday Act''.
SEC. 2. SUSPENSION OF FUEL TAXES ON HIGHWAY MOTOR FUELS.
(a) In General.--Section 4081 of the Internal Revenue Code of 1986 (relating to imposition of tax on motor and aviation fuels) is amended by adding at the end the following new subsection: ``(f) Suspension of Highway Motor Fuel Taxes.-- ``(1) In general.--During the suspension period, the tax imposed by section 4041 or 4081 on highway motor fuel shall be suspended. ``(2) Definitions.--For purposes of this subsection-- ``(A) Suspension period.--The term `suspension period' means the 45-day period beginning 7 days after the date of enactment of this subsection. ``(B) Highway motor fuel.--The term `highway motor fuel' means any fuel subject to tax under section 4041 or 4081 other than aviation gasoline and aviation-grade kerosene.''. (b) Maintenance of Trust Funds Deposits; Amounts Appropriated to Trust Funds Treated as Taxes.-- (1) In general.--There is hereby appropriated (out of any money in the Treasury not otherwise appropriated) to each trust fund which would (but for this subsection) receive reduced revenues as a result of a suspension in a rate of tax by reason of section 4081(f)(1) of the Internal Revenue Code of 1986 (as added by this section)...