Gas Tax Reduction Debated by Senate
Dateline: 03/30/00
The U.S. Senate will debate and possibly vote today on a bill designed to offer some relief to motorists and truckers from current high gasoline and diesel prices.
The bill -- S. 2285, A bill instituting a federal fuels tax holiday -- sponsored by Sen. Trent Lott (R-Mississippi) provides for a 4.3 cents per gallon reduction in taxes on gasoline, diesel fuel, and kerosene during the period beginning after April 15, 2000, and ending before January 1, 2001.
In addition, the bill would reduce the tax rate to zero for any time period during which the national average price for regular unleaded gasoline reaches at least two-dollars per gallon.
The bill faces opposition from Senators who fear the resulting loss of revenue will have a negative impact on the condition and safety of America's highways. Federal fuel taxes currently go into the Highway Trust Fund which makes money available to the states for road and highway improvements.
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