Gas Prices Relief Act of 2026
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Summary
The Gas Prices Relief Act of 2026 suspends the federal gasoline tax from the date of enactment through December 31, 2026. The bill sets the federal excise tax rate on gasoline to zero and suspends the Leaking Underground Storage Tank Trust Fund financing rate during this period. To offset lost revenue, the bill requires the Treasury to transfer funds from the general fund to the Highway Trust Fund and the Leaking Underground Storage Tank Trust Fund to compensate for foregone tax revenue. The bill also expresses congressional policy that fuel producers and dealers pass the tax savings directly to consumers and authorizes the Treasury to enforce this requirement.
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