A bill to amend the Internal Revenue Code of 1954 to increase the Federal excise tax on gasoline, to make such tax, as increased, a permanent tax, to provide that revenues derived from the increase in and extension of, such tax are credited to the general fund rather than to the Highway Trust Fund, and to provide a credit for the increased tax paid with respect to not more than 500 gallons of gasoline purchased each year by the taxpayer.

Summary

Imposes a tax upon gasoline of 10 cents a gallon for sales before October 1, 1977, and 12.5 cents a gallon for sales after September 30, 1977. Allows a taxpayer a tax credit for the amount of gasoline purchased, up to specified limitations. Requires that such tax credit be rebated through the withholding system.

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1 official file

• Introduced in Senate

  summary · EN · 27 June 1975

  Open at official source

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