The Gas Prices Relief Act of 2026 temporarily eliminates the federal gasoline tax from the date of enactment through December 31, 2026, reducing the tax rate to zero during this period. The bill also suspends the Leaking Underground Storage Tank Trust Fund financing rate that normally applies to gasoline sales. To maintain funding for highway and environmental programs, the Treasury Department would transfer money from the general fund to replace the lost tax revenue in both the Highway Trust Fund and the Leaking Underground Storage Tank Trust Fund. The legislation expresses Congress's intent that oil producers and fuel dealers pass the full tax savings directly to consumers at the pump and gives the Treasury Secretary authority to enforce this requirement. This tax holiday would affect anyone purchasing gasoline during 2026, potentially lowering fuel prices temporarily while reducing federal transportation funding by the amount of foregone tax revenue during the nine-month period.
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