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1 (May 24, 2005)

handle is hein.crs/crsuntaajck0001 and id is 1 raw text is: Order Code RS21521 Updated May 24, 2005 CRS Report for Congress Received through the CRS Web Gasoline Excise Tax - Historical Revenues: Fact Sheet Louis Alan Talley Specialist in Taxation and Pamela J. Jackson Analyst in Public Sector Economics Government and Finance Division Summary The federal government first imposed a gasoline excise tax with the passage of the Revenue Act of 1932. The rate was one cent per gallon. During the early years of the tax, the proceeds went into the general fund of the Treasury. It was not until 1956, when Congress established the Highway Trust Fund, that revenue receipts from the gasoline tax were dedicated to a trust fund for highway programs. The gas tax was regarded as a user tax. Subsequently, in response to large federal budget deficits, Congress returned a portion of the gasoline excise tax to general revenues (from December 1990 until October 1997). After that period, the entire amount of the tax was redirected once again to the Highway Trust Fund. The authors plan to update this fact sheet to reflect legislative changes and collection figures. The highway-related excise taxes (including the tax on gasoline) were extended through September 30, 2005, under the tax title of the Transportation Equity Act of the 21't Century, known as TEA21. The highway and transit funding programs of TEA21 first expired at the conclusion of FY2003. Five extensions have continued funding through May 31, 2005. Both the House and Senate have passed highway reauthorization bills. Both versions of these bills would continue the gasoline excise tax at the current tax rate through September 30, 2011. The Senate bill adds $11.2 billion in additional funding, all of which is fully offset by revenue provisions. It has been argued that this additional revenue is needed so that all states will receive as much in federal highway aid as they pay in federal gasoline excise taxes. A conference committee will try to reconcile the differences between these two bills. The President remains committed to the funding level he proposed in his FY2005 budget and as included in the House legislation. Congressional Research Service + The Library of Congress

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