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Bills / SBN-1940

SUSPENSION OR REDUCTION OF EXCISE TAXES ON PETROLEUM PRODUCTS

SBN-1940bill · in_committeeFiled Mar 9, 2026

The bill proposes that the President can suspend or lower excise taxes on petroleum products in times of national or global economic emergencies. It seeks to amend an existing section of the National Internal Revenue Code.

EconomyFinance & Budget
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Legislative history
  1. Mar 9, 2026

    Introduced by Senator FRANCIS "KIKO" N. PANGILINAN;

    Read on First Reading and Referred to the Committees on WAYS AND MEANS and ENERGY;

  2. Mar 11, 2026

    Conducted JOINT COMMITTEE MEETINGS/HEARINGS;

  3. Mar 16, 2026

    Returned and submitted jointly by the Committees on WAYS AND MEANS and ENERGY per Committee Report No. 48, recommending that it be substituted by SBN-1982;

    Committee Report Calendared for Ordinary Business;

    SUBSTITUTED BY SBN-1982 UNDER COMMITTEE REPORT NO. 48 WHICH BECAME REPUBLIC ACT NO. 12316 ON MARCH 25, 2026.