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.
Key claim: HR8600 would temporarily suspend certain fuel excise taxes and prohibit specified oil and gas company tax credits or deductions whenever the national average gasoline price exceeds $3.99 per gallon.
Abstract
(HR8600 · 119th Congress) Latest action (2026-04-30): Referred to the House Committee on Ways and Means.
Why this matters
HR8600 pairs two symmetric tax-policy levers keyed to a single price trigger: consumers pay less at the pump via suspended fuel excise taxes, while oil and gas producers pay more by losing access to certain credits and deductions. This framing treats high gasoline prices as a windfall condition warranting redistribution within the tax code, and its status as introduced/referred means neither the trigger threshold nor the affected credits are yet fixed.