Bill > S3609

This bill, the Gas Prices Relief Act of 2022, proposes to amend the Internal Revenue Code to provide a gasoline tax holiday. Specifically, it would set the federal gasoline tax rate to zero and suspend the Leaking Underground Storage Tank Trust Fund financing rate for gasoline removed, entered, or sold between the date of enactment and December 31, 2022. The bill also requires the Treasury Secretary to transfer funds from the general fund to the Highway Trust Fund and the Leaking Underground Storage Tank Trust Fund to offset the revenue lost due to the tax reduction. Additionally, the bill expresses the policy that consumers should immediately receive the full benefit of the tax reduction, and the Secretary is authorized to use their enforcement powers to ensure that transportation fuel producers and dealers pass on the savings to consumers.