The bill temporarily eliminates the federal gasoline tax from its enactment date through September 30, 2026, reducing the tax rate to zero and suspending the Leaking Underground Storage Tank Trust Fund financing rate on gasoline during this period. To prevent these trust funds from losing revenue, the Treasury Department will transfer general fund money equal to the lost tax revenue to both the Highway Trust Fund and the Leaking Underground Storage Tank Trust Fund. The legislation directs that gas producers and dealers pass the tax savings directly to consumers at the pump, and authorizes the Treasury Department to enforce compliance and penalize any businesses that fail to reduce prices accordingly. The bill aims to provide immediate relief from higher fuel costs for American consumers during the seven-month tax holiday period.
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