“To amend the Internal Revenue Code of 1986 to provide a gasoline tax holiday.”
No CRS summary available for this bill.
This section suspends the federal excise tax on gasoline—18.4 cents per gallon (i.e., 18.3 cents to the Highway Trust Fund under IRC §4081(a)(2)(A)(i) and 0.1 cents Leaking Underground Storage Tank Trust Fund financing rate under §4081(a)(2))—to zero for fuel removed, entered, or sold after enactment through December 31, 2025. (The Highway Trust Fund finances highways, bridges, and public transportation; the Leaking Underground Storage Tank Trust Fund supports cleanup of petroleum leaks from underground tanks.) It directs the Secretary of the Treasury to transfer equivalent amounts from the general fund to both trust funds to offset the revenue loss (treated as tax receipts for spending purposes). It declares a congressional policy that consumers receive the full tax benefit via lower prices and authorizes the Secretary to enforce compliance.