What does Preamble of Gas Tax Relief Act do?

This bill, formally titled 'To amend the Internal Revenue Code of 1986 to provide a tax holiday for gasoline and diesel fuel,' aims to modify the Internal Revenue Code of 1986. The bill's stated purpose is to establish a tax holiday for gasoline and diesel fuel.

What does SHORT TITLE. of Gas Tax Relief Act do?

This bill is formally titled the Gas Tax Relief Act

What does 2026 TAX HOLIDAY FOR TAXABLE FUELS. of Gas Tax Relief Act do?

This section establishes a tax holiday for taxable fuels, as defined in section 4083(a)(1) of the Internal Revenue Code of 1986. The rate of tax under clauses (i) and (iii) of section 4081(a)(2)(A) of the Internal Revenue Code of 1986 will be zero for taxable fuel removed, entered, or sold on or after the date of enactment and before the applicable date. 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 during this period. 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 'applicable date' is initially 90 days after enactment, but can be extended to 215 days if the President determines economic conditions warrant it. The President has discretion to implement a phased-in reimplementation of the tax rates, beginning 90 days after enactment.

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Gas Tax Relief Act

Last updated: 5/12/2026 · Introduced: 5/12/2026

Author: Nicole Malliotakis (R-NY)

TL;DR (AI)

The bill establishes a tax holiday for taxable fuels, including gasoline and diesel fuel, with a tax rate of zero for a specified period.
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 tax holiday period can last up to 215 days, with the President having discretion to implement a phased-in reimplementation of the tax rates after 90 days.

119th Congressin committeeS. 4485(In Committee)Official page

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Other Sections

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

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