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The United States federal excise tax on gasoline is 18.4 cents per gallon and 24.4 cents per gallon for diesel fuel. [ 1 ] [ 2 ] Proceeds from the tax partly support the Highway Trust Fund . The federal tax was last raised on October 1, 1993, and is not indexed to inflation , which increased 111% from Oct. 1993 until Dec. 2023.
Federal excise taxes have been stable at 18.4¢ per gallon for gasoline and 24.4¢ per gallon for diesel fuel since 1993. This raised $37.4 billion in fiscal year 2015. These fuel taxes raised 90% of the Highway Trust Fund. The average of state taxes on fuel was 31.02¢ per gallon for gasoline and 32.66¢ per gallon for diesel fuel in 2021 ...
Biden administration officials and Democratic senators are considering a suspension of the federal fuel tax in order to combat record inflation levels ahead of the Federal Reserve’s planned rate ...
The following is a list of fuel tax rates for different fuels in Hong Kong: [7] Aviation fuel: HK$6.51; Light diesel oil: HK$2.89; ... Federal Taxes State Taxes. The ...
Senate Democrats recently introduced the Gas Tax Relief Act, which would pause the federal fuel tax — which is about $0.18 a gallon for gasoline and $0.24 cents per gallon for diesel — until ...
In 2022, about 90% of Oklahomans' commutes were by car, and the state's fuel tax rate was 20 cents per gallon. In some years, buses in Oklahoma City and Tulsa have recorded more than 3 million riders.
The "Energy Credit for Qualified Fuel Cell Property and Qualified Microturbine Property" was created in 2008, [46] but it appears to have expired as of 2013. Individual taxpayers may claim several energy credits to reduce their federal income taxes, if they file the Long Form 1040 along with Form 5695 attached.
The 1956 Act directed federal fuel tax to the Treasury’s General Fund to be used exclusively for highway construction and maintenance. The Highway Revenue Act, pre-dating the Fund, mandated a tax of three cents per gallon. This original Act, also known as Highway Revenue Act, was set to expire at the end of fiscal year 1972.