S.2971: A bill to amend the Internal Revenue Code of 1986 to provide for a suspension of the highway fuel tax, and for other purposes.

A bill to amend the Internal Revenue Code of 1986 to provide for a suspension of the highway fuel tax, and for other purposes. 5/2/2008--Introduced. Amends the Internal Revenue Code to suspend excise taxes on gasoline and diesel fuels between May 26, 2008, and September 1, 2008. Provides for reimbursement from the Treasury to the Highway Trust Fund for any reduction in Trust Fund receipts resulting from such suspension.Expresses the sense of Congress that: (1) consumers immediately receive the benefit of the reduction in taxes resulting from the suspension of gasoline excise taxes; and (2) transportation motor fuels producers and other dealers take necessary actions to reduce fuel prices to reflect such reduction in taxes. Directs the Federal Trade Commission (FTC) and the Commodities Futures Trading Commission (CFTC) to monitor oil, diesel, and gasoline markets to: (1) ensure that consumers receive the benefit resulting from the suspension of taxes; and (2) prevent [...]

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