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Gasoline Excise Tax - Historical Revenues: Fact Sheet , Record No.: RS21521, Date: November 18, 2004 1 (November 18, 2004)

handle is hein.tera/crstax0173 and id is 1 raw text is: Order Code RS21521 Updated November 18, 2004 CRS Report for Congress Received through the CRS Web Gasoline Excise Tax - Historical Revenues: Fact Sheet Louis Alan Talley Specialist in Taxation Government and Finance Division 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 conventional wisdom was that the gas tax represented 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 general fund portion of the tax was redirected to the Highway Trust Fund. 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 21St Century, known as TEA21. The highway and transit funding programs of TEA21 expired at the conclusion of FY2003. A fifth funding extension was signed by President Bush on September 30, 2004, which provides funding through May 31, 2005. That legislation also transfers the gasohol taxes to the Highway Trust Fund for FY2004 and authorizes the expenditure of remaining contract authority for FY2004. The gasoline tax rate stands at 18.4 cents per gallon. This rate has provided a reliable and steady source of receipts. Since FY1997, gasoline taxes have generated over $20 billion per year for the Highway Trust Fund with the vast majority of receipts disbursed through the Highway and Mass Transit Accounts. The authors plan to update this fact sheet to reflect legislative changes and collection figures. Congressional Research Service A+ The Library of Congress

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