110-H.R.2448

To amend the Internal Revenue Code of 1986 to reduce the Federal excise tax on highway motor fuels when the weekly United States retail gasoline price, regular grade, is greater than $3.00 per gallon.

5/23/2007--Introduced.

Emergency Gas Price Relief Act of 2007 - Amends the Internal Revenue Code to reduce highway motor fuel excise taxes by 10 cents per gallon, beginning on the date when the retail price for gasoline is greater than $3.00 per gallon and ending when such price is less than $2.50 per gallon (reduction period). Allows a tax credit or refund of such excise tax to a taxpayer for floor stocks of highway motor fuels held by dealers prior to the reduction period.

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