Bill > HR9009

This bill, the Gas Prices Relief Act of 2024, proposes to amend the Internal Revenue Code to provide a gasoline tax holiday. Specifically, the bill would temporarily set the federal gasoline tax rate to zero and suspend the Leaking Underground Storage Tank Trust Fund financing rate on gasoline from the date of enactment through December 31, 2024. To offset the loss of revenue to the Highway Trust Fund and Leaking Underground Storage Tank Trust Fund, the bill requires the Secretary of the Treasury to transfer corresponding amounts from the general fund. The bill also expresses the policy that the tax reduction should be passed on to consumers, and gives the Secretary authority to enforce this.