Gas Prices Relief Act of 2026
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Summary
This bill amends the Internal Revenue Code to establish a gasoline tax holiday from the date of enactment through September 30, 2026, setting the federal excise tax rate on gasoline to zero and suspending the Leaking Underground Storage Tank Trust Fund financing rate. The bill requires the Treasury Department to transfer foregone tax revenue to the Highway Trust Fund and the Leaking Underground Storage Tank Trust Fund to maintain their funding levels. The bill also expresses congressional policy that fuel producers and dealers pass the tax reduction directly to consumers and authorizes the Treasury Secretary to enforce this requirement through monetary penalties.
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