What does Preamble of Gas Prices Relief Act of 2025 do?

This bill, formally titled 'To amend the Internal Revenue Code of 1986 to provide a gasoline tax holiday,' aims to modify the Internal Revenue Code of 1986. The bill was introduced in the House of Representatives on June 5, 2025.

What does SHORT TITLE. of Gas Prices Relief Act of 2025 do?

This bill is formally titled the Gas Prices Relief Act of 2025

What does 2025 GASOLINE TAX HOLIDAY. of Gas Prices Relief Act of 2025 do?

This section establishes a gasoline tax holiday from the date of enactment until January 1, 2026. During this period, the rate of tax under section 4081(a)(2)(A)(i) of the Internal Revenue Code of 1986 will be zero. The Leaking Underground Storage Tank Trust Fund financing rate under section 4081(a)(2) of the Internal Revenue Code of 1986 will not apply to gasoline subject to the zero tax rate. The Secretary of the Treasury will transfer funds from the general fund to the Highway Trust Fund and the Leaking Underground Storage Tank Trust Fund to offset the revenue reduction. Transfers to the Leaking Underground Storage Tank Trust Fund will be treated as taxes attributable to that fund. Transfers to the Highway Trust Fund will be treated as taxes not attributable to the Leaking Underground Storage Tank Trust Fund financing rate. Congress intends for consumers to immediately benefit from the tax reduction and for fuel producers and dealers to adjust prices accordingly. The Secretary has authority to ensure consumers receive the tax reduction benefit.

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Gas Prices Relief Act of 2025

Last updated: 6/5/2025 · Introduced: 6/5/2025

Author: Josh Harder (D-CA)

TL;DR (AI)

The bill establishes a gasoline tax holiday from the date of enactment until January 1, 2026, setting the tax rate to zero.
The Secretary of the Treasury will transfer funds from the general fund to the Highway Trust Fund and the Leaking Underground Storage Tank Trust Fund to offset the revenue reduction caused by the tax holiday.
The bill requires fuel producers and dealers to adjust prices to immediately pass the tax reduction benefit to consumers.

119th Congressin committeeS. 4032(In Committee)Official page

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Other Sections

Includes provisions on preamble, short title., and 1 more.

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