“A bill 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—comprising the 18.3-cent rate under IRC §4081(a)(2)(A)(i) to the Highway Trust Fund and the 0.1-cent Leaking Underground Storage Tank (LUST) Trust Fund financing rate under §4081(a)(2)(B)—for gasoline removed, entered, or sold after enactment through September 30, 2026. It directs the Secretary of the Treasury to transfer from the general fund to the Highway Trust Fund and LUST Trust Fund amounts equal to the foregone tax revenues, treating such transfers as tax receipts for spending purposes. It declares a congressional policy that fuel producers and dealers pass the full tax savings to consumers via lower prices, with monetary penalties for noncompliance, and directs Treasury to enforce pass-through using all applicable authorities.