What does Preamble of Gas Prices Relief Act of 2026 do?

This bill proposes to amend the Internal Revenue Code of 1986. The stated purpose of the bill is to provide a gasoline tax holiday.

What does SHORT TITLE. of Gas Prices Relief Act of 2026 do?

This bill is formally titled the Gas Prices Relief Act of 2026.

What does 2026 GASOLINE TAX HOLIDAY. of Gas Prices Relief Act of 2026 do?

This section establishes a gasoline tax holiday from the date of enactment until October 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)(B) 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 loss from the tax reduction. Congress intends that consumers immediately benefit from the tax reduction and that fuel producers and dealers adjust prices accordingly. Dealers who fail to pass on the tax reduction to consumers may be subject to monetary penalties. The Secretary of the Treasury is tasked with ensuring consumers receive the tax reduction benefit.

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Gas Prices Relief Act of 2026

Last updated: 3/12/2026 · Introduced: 3/12/2026

Author: Chris Pappas (D-NH)

TL;DR (AI)

This bill creates a gasoline tax holiday from the date of enactment until October 1, 2026, eliminating the federal tax under section 4081(a)(2)(A)(i) of the Internal Revenue Code.
To compensate for lost revenue, the bill directs transfers of funds from the general fund to the Highway Trust Fund and the Leaking Underground Storage Tank Trust Fund.
Gasoline dealers who do not pass on the tax reduction to consumers may face monetary penalties, and the Treasury Secretary will ensure consumers receive the intended benefit.

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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