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HR 8600

To amend the Internal Revenue Code of 1986 to temporarily suspend certain fuel excise taxes for fuel separated during periods in which the national average price of gasoline exceeds $3.99 per gallon, and to prohibit certain credits or deductions for oil and gas companies during such periods.

119th Congress Introduced by Brendan Boyle

Temporarily suspend federal fuel excise taxes and limit certain oil/gas tax credits during periods when the national average gas price exceeds $3.99 per gallon.

Introduced in House
0
WeVote Research Nonpartisan
Bill Summary · HR 8600

Summary of HR 8600 (119th Congress)

Basic information

  • Title: To amend the Internal Revenue Code of 1986 to temporarily suspend certain fuel excise taxes for fuel separated during periods in which the national average price of gasoline exceeds $3.99 per gallon, and to prohibit certain credits or deductions for oil and gas companies during such periods.
  • Session: 119
  • Jurisdiction: United States
  • Status: Referred to the House Committee on Ways and Means (April 30, 2026); Introduced the same day.
  • Sponsor: Rep. Brendan Boyle (co-sponsor)

Purpose and intent

The bill aims to provide temporary relief from certain federal fuel excise taxes when the national average price of gasoline surpasses a defined threshold ($3.99 per gallon). It also seeks to limit or prohibit specific tax benefits (credits or deductions) for oil and gas companies during those periods of elevated gasoline prices. The overall objective appears to be to reduce fuel costs for consumers during periods of high gasoline prices and to adjust incentives for the oil and gas industry in such periods.

Key provisions (as described)

  1. Temporary suspension of fuel excise taxes

    • Trigger: When the national average price of gasoline exceeds $3.99 per gallon.
    • Action: Temporarily suspend certain federal fuel excise taxes for fuel “separated during” periods when the trigger is met.
    • Timing: The suspension is described as temporary and contingent on the gasoline price threshold being met.

  2. Prohibition or limitation on credits/deductions for oil and gas companies

    • Scope: Certain tax credits or deductions available to oil and gas companies would be prohibited or limited during periods when gasoline prices exceed the $3.99 threshold.
    • Purpose: To adjust industry incentives during periods of high fuel prices.

  3. Internal Revenue Code amendments

    • The changes would modify the Internal Revenue Code of 1986 to implement the tax suspensions and prohibitions/limitations described above.

Who would be affected

  • Consumers: Potentially lower gasoline prices at the pump during periods of high prices due to the temporary suspension of federal fuel excise taxes.
  • Oil and gas companies: Subject to limitations or prohibitions on certain tax credits or deductions during high-price periods; may experience a reduction in specific tax incentives.
  • Taxpayers generally: The changes are enacted through the federal tax code, so the impact would depend on the balance of eliminated taxes and restricted credits/deductions.

Procedural and timeline aspects

  • Introduction and referral: The bill was introduced and referred on April 30, 2026, to the House Committee on Ways and Means.
  • Next steps: Under typical House procedure, the committee would consider hearings, markup, and potential amendments. If approved by the committee, it would move to the House floor for debate and a vote, potentially followed by Senate consideration and possible reconciliation with any companion or related bills.

Notes and considerations

  • The bill specifies a price threshold of $3.99 per gallon for gasoline. The mechanism for “fuel separated during periods” and how this interacts with existing excise tax structure would be a key detail in the text.
  • The duration and phase-in/phase-out rules for the tax suspensions and the scope of which credits/deductions are affected would determine the practical impact on taxpayers and industry.
  • As introduced, the bill reflects a policy approach favoring temporary consumer relief during spikes in gasoline prices while adjusting tax incentives for oil and gas firms during those periods.

If you’d like, I can summarize the bill’s specific statutory language (once available), compare it to current law, or provide a side-by-side with related legislation.

Compiled from official sources — confirm details with the bill’s official record.

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