Legislative History
| House Bill/Resolution NO. HB08335 | |
| FULL TITLE : AN ACT REDUCING THE EXCISE TAX ON CERTAIN PETROLEUM PRODUCTS, AMENDING FOR THE PURPOSE SECTION 148 OF THE NATIONAL INTERNAL REVENUE CODE, AS AMENDED | |
| ABSTRACT : Rationale: The latest developments in the oil industry resulted to widespread clamor for immediate transport fare and wage increases, investigation to the tree big oil companies, and even a repeat of infustry regulation. Hence, to help reduce the impact od such fuel adjustments that can be aggravated by an impending increase in transport fare and wages, it is hereby proposed to reduce the specific taxes of regular gasoline, kerosene and diesel fuels so as to cushion off effects of further oil price adjustments in the world market. This would be done temporarily in the interest of national economu and general welfare until such time that the oil prices in the international markket stabilize. | |
| PRINCIPAL AUTHOR/S : SUAREZ, DANILO E. | |
| DATE FILED : 1999-09-10 | |
| SIGNIFICANCE: NATIONAL | |
| CO-AUTHORS : | |
| 1. | 2. |
| ADMINISTRATION BILL? No | |
| URGENT BILL? No | |
| ACTIONS TAKEN BY THE COMMITTEE | |
| MOTHER BILL: HB12592 | |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES | |
| REFERRAL TO THE COMMITTEE ON WAYS AND MEANS ON 1999-09-20 |
Abstract
Rationale: The latest developments in the oil industry resulted to widespread clamor for immediate transport fare and wage increases, investigation to the tree big oil companies, and even a repeat of infustry regulation. Hence, to help reduce the impact od such fuel adjustments that can be aggravated by an impending increase in transport fare and wages, it is hereby proposed to reduce the specific taxes of regular gasoline, kerosene and diesel fuels so as to cushion off effects of further oil price adjustments in the world market. This would be done temporarily in the interest of national economu and general welfare until such time that the oil prices in the international markket stabilize.
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.