WASHINGTON – Last month Reps. Ron Estes (R-Kansas), Mike Carey (R-Ohio), Adrian Smith (R-Nebraska), Carol Miller (R-West Virginia), Kevin Hern (R-Oklahoma), Darin LaHood (R-Illinois) and Nicole Malliotakis (R-New York) introduced the Pay Less at the Pump Act, which will lower gas prices, foster domestic energy production and reduce America’s reliance on foreign energy sources.
“Kansas families and businesses have been suffering for too long under Biden’s elevated energy prices,” said Rep. Estes. “The Pay Less at the Pump Act is another way that House Republicans are working to bring down energy costs for Americans and encourage energy production in the U.S.”
This legislation will amend the IRS Code of 1986 to terminate the Hazardous Substance Superfund financing rate, also known as the Superfund Tax, which the Biden administration reinstated in 2022 via the Inflation Reduction Act. The Superfund Tax was reinstated at a rate of $0.164 per barrel and was indexed annually for inflation, bringing the current Superfund Tax rate to $0.254 per barrel.
Terminating the Superfund Tax will lower costs and save Americans an estimated $10.5 billion over the next 10 years.
The bill text is available here.
Original source can be found here.
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