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H.R. 1980 — Gas Tax Reduction Act of 2001 | PoliFocus

H.R. 1980107th Congress

Gas Tax Reduction Act of 2001

To amend the Internal Revenue Code of 1986 to reduce the highway gasoline excise tax rate by 6.8 cents per gallon, the rate that originally was enacted to reduce the deficit but which remains in effect as a source of funding for the Highway Trust Fund.

Sponsors

Rep. Hyde, Henry J. [R-IL-6]

3 cosponsors

Subjects

Taxation

Summary

Gas Tax Reduction Act of 2001 - Amends the Internal Revenue Code to reduce the highway gasoline excise tax rate.

Provides a credit (the difference between the two tax rates) for taxes paid on qualifying non-retail gasoline floor stocks.

Full Text

Legislative Actions

2001-05-24
Introduced in House
2001-05-24
Introduced in House
2001-05-24
Referred to the House Committee on Ways and Means.

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