S 1942 118th Congress Senate Taxation

Pay Less at the Pump Act

Introduced: June 13, 2023 Introduced by: Barrasso, John Republican · Wyoming See on congress.gov

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Jun 13, 2023

Read twice and referred to the Committee on Finance.

Jun 13, 2023

Introduced in Senate

Plain-English summary Congressional Research Service

Pay Less at the Pump Act

This bill eliminates the excise tax on domestic crude oil and imported petroleum products (known as the petroleum Superfund tax rate) beginning on January 1, 2023. The bill also eliminates the authority for advances to the Hazardous Substance Superfund from the General Fund of the Treasury.

Under current law, the petroleum Superfund tax rate imposed is 16.4 cents per barrel (indexed annually for inflation). Amounts collected from this tax are deposited into the Hazardous Substance Superfund, which finances the remediation of certain environmentally contaminated sites.

Further, under current law, the authority for advances to be appropriated to the Hazardous Substance Superfund extends through 2032.

What's happening now June 13, 2023

Read twice and referred to the Committee on Finance.

Committees of jurisdiction 1