The bill would create a fuel tax holiday for gasoline other than aviation gasoline, diesel fuel, and kerosene removed, entered, or sold from enactment through 120 days afterward. It would set specified federal fuel-tax rates and the Leaking Underground Storage Tank Trust Fund financing rate to zero during that period, with a possible 90-day extension by the President based on economic conditions. The Treasury Secretary would transfer amounts equal to the resulting reductions in trust-fund receipts from the general fund, and Treasury could use applicable authorities to ensure consumers receive the tax reduction.

FactVote-generated overview; it is not an official CRS summary.