Bill > HR7919

This bill, titled the "Gas Prices Relief Act of 2026," proposes a temporary "gasoline tax holiday" by amending the Internal Revenue Code of 1986. Specifically, it mandates that the federal tax rate on gasoline, including the portion that funds the Leaking Underground Storage Tank Trust Fund, will be zero 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 federal budget to both the Highway Trust Fund and the Leaking Underground Storage Tank Trust Fund, ensuring these funds receive the amounts they would have otherwise collected. Furthermore, the bill expresses a strong policy that consumers should immediately benefit from this tax reduction, requiring fuel producers and dealers to lower prices accordingly, and threatening monetary penalties for those who fail to pass on the savings. The Secretary of the Treasury is tasked with using all available powers to enforce this consumer benefit.