Federal taxes on diesel fuel would end, potentially lowering prices for consumers and businesses.
This bill would get rid of federal taxes on diesel fuel, which could mean lower prices at the pump for drivers and businesses. It also offers new tax breaks for companies that build and operate new oil refineries in the U.S. The government would transfer money from its general budget to the Highway Trust Fund and the Leaking Underground Storage Tank Trust Fund to make up for the lost tax money.
Today, federal excise taxes are collected on diesel fuel, contributing to specific trust funds. Companies building new refineries do not have specific federal tax credits or permanent accelerated depreciation. If this bill becomes law, federal excise taxes on diesel fuel would end, and the U.S. Treasury would transfer money from its general fund to the trust funds to make up the difference. New refineries would also get a 35 percent investment tax credit, a 5 cents per gallon production credit, and permanent accelerated depreciation.
HR 10607 · 119th Congress · AI Summary by gemini-2.5-flash · 9/10
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