“To provide a gasoline tax holiday.”
No CRS summary available for this bill.
This section suspends the federal excise tax on gasoline—currently 18.4 cents per gallon under IRC §4081(a)(2)(A)(i), comprising 18.3 cents for the Highway Trust Fund and 0.1 cent for the Leaking Underground Storage Tank Trust Fund—for gasoline removed at the terminal, entered, or sold after enactment through December 31, 2026 (from current rates). It directs the Secretary of the Treasury to transfer equivalent amounts from the general fund to the Highway Trust Fund (which supports federal-aid highways, transit, and other surface transportation programs) and Leaking Underground Storage Tank Trust Fund (which finances cleanup of leaking petroleum tanks), treating the transfers as tax receipts; it further declares a congressional policy that consumers receive the tax reduction benefits and authorizes Treasury enforcement.