H.R. 7919 would create a temporary gasoline tax “holiday” by setting the federal gasoline excise tax rate to zero on gasoline sold, entered, or removed after the bill is enacted and before October 1, 2026. It also stops the “Leaking Underground Storage Tank Trust Fund” financing rate from applying during that same period. To keep transportation and cleanup trust funds from losing revenue, the Treasury would transfer money from the general fund to the Highway Trust Fund and the Leaking Underground Storage Tank Trust Fund in amounts equal to the taxes that would otherwise be credited to them. The bill directs that the tax savings should be passed on to consumers and authorizes Treasury to use its enforcement powers to make sure prices reflect the reduction, with penalties intended for companies that do not pass the savings through.
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