H.R. 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.

H.R. 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. | JustPolicyThe purpose of this legislation is to provide temporary relief from certain fuel taxes and to limit tax benefits for oil and gas companies when gasoline prices are high. Specifically, it aims to suspend fuel excise taxes when the national average price of gasoline exceeds $3.99 per gallon. This is intended to alleviate some of the financial burden on consumers during periods of high fuel prices. Key provisions of the legislation include a reduction in the fuel excise tax by 1 cent for every cent that the average price of gasoline exceeds $3.99.