H.R. 2480 would amend the Internal Revenue Code of 1986 to suspend the Federal motor fuel excise taxes until the average price of unleaded gasoline is below $3 per gallon for at least 6 months.

== Detailed Summary ==

<summary>
(Log inGas Price Relief Act of 2007 - Amends the Internal Revenue Code to editsuspend certain federal motor fuel excise taxes until the wikiaverage price of unleaded regular gasoline is less than .00 per gallon for a period of six consecutive months (suspension period). Provides for adjustments to such excise taxes for floor stocks of motor fuels held by dealers prior to or after the suspension period.

Repeals provisions allowing a taxpayer election to expense the cost of qualified refinery property. Transfers to the Highway Trust Fund increased tax revenues resulting from such repeal.

Requires the Federal Trade Commission (FTC) to monitor gasoline prices in the United States and beto report to Congress on its findings.

Requires the firstSpeaker of the House of Representatives to provideestablish a detailed summary ofCommission on Gas Price Relief to study the bill!)causes of high oil prices.
</summary>

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== Status of the Legislation ==

<status>
Latest Major Action: 5/24/2007: Referred to House committee. Status: Referred to the Committee on Ways and Means, and in addition to the Committee on Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
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== Points in Favor ==

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== Points Against ==

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