Bill > S4032

This bill, titled the "Gas Prices Relief Act of 2026," proposes a temporary "gasoline tax holiday" by suspending the federal excise tax on gasoline. Specifically, it amends the Internal Revenue Code of 1986 to eliminate the standard federal tax rate on gasoline and also removes the additional tax that funds the Leaking Underground Storage Tank Trust Fund, which is used to clean up contaminated sites from leaking underground storage tanks. This suspension would be in effect for gasoline removed, entered, or sold from the bill's enactment date until October 1, 2026. To compensate for the lost revenue, the Secretary of the Treasury will transfer funds from the general fund to both the Highway Trust Fund and the Leaking Underground Storage Tank Trust Fund, ensuring these funds continue to receive their intended financial support. Furthermore, the bill expresses a strong policy intent that the tax reduction should be immediately passed on to consumers in the form of lower gasoline prices, with penalties for producers and dealers who fail to do so, and the Treasury Secretary is directed to enforce this provision.