NEW YORK -- To ease the pain of soaring gas prices, the Republican-led New York State Senate is planning to try and suspend the state's gas tax.

The legislation, which was put forward in Albany Wednesday, would save drivers 32.5 cents a gallon.

The bill, sponsored by Senator Andrew Lanza, Senator Charles Fuschillo and Senator Joe Robach, will eliminate the New York State taxes on gasoline from Memorial Day weekend through Labor Day.

Critics of the plan said it would take about $500 million out of state coffers, which could be difficult to overcome in a tough economy and amid fears of a recession.

Analysts say even if the move passes the Senate, it is likely the Assembly would likely block the idea.

The assembly's Democratic minority opposes the plan. Speaker Sheldon Silver feels record-high gas prices are the fault of the Republican Bush Administration and that a federal solution is needed to end the gas crunch.

On the presidential campaign trail, gas prices are a hot issue.

Republican candidate John McCain proposed a federal gas tax holiday where people won't have to pay the extra 18.5 cents a gallon from Memorial Day to Labor Day.

Democratic contender Hillary Clinton quickly supported the idea, and added windfall profits from big oil could help offset the money the government would lose.

But, Barack Obama said a federal tax holiday does nothing to lower gas prices long term, and merely is a political ploy to get into the White House.

WNBC.com's Glenn Zimmerman contributed to this report