“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 of 18.4 cents per gallon—18.3 cents to the Highway Trust Fund under IRC §4081(a)(2)(A)(i) and 0.1 cent Leaking Underground Storage Tank (LUST) Trust Fund financing rate under §4081(a)(2)(B)—to zero for gasoline removed at the terminal, entered, or sold after enactment through September 30, 2026. The Secretary of the Treasury must transfer from the general fund to the Highway Trust Fund and LUST Trust Fund amounts equal to the foregone revenue, treated as tax receipts for both funds. (Thus, the trust funds—which support highway infrastructure and underground storage tank cleanup, respectively—are fully funded despite the tax holiday.) It declares a congressional policy that gasoline producers and dealers pass the tax savings to consumers (with penalties of at least the unpassed amount for noncompliance) and directs the Secretary to enforce using all applicable authorities.