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.

TL;DR (AI)

• This bill temporarily suspends federal fuel excise taxes when the national average gasoline price exceeds $3.99 per gallon, reducing the tax by one cent for each cent of excess.
• To offset the revenue loss from the tax suspension, the bill directs funds to the Highway Trust Fund and the Leaking Underground Storage Tank Trust Fund.
• The bill prohibits certain tax credits and deductions, including intangible drilling costs, enhanced oil recovery credits, and marginal well credits, for oil and gas companies when gasoline prices exceed $3.99 per gallon.