What does Preamble of Gas Prices Relief Act of 2026 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 Senate on March 9, 2026.

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 reduction caused by the tax holiday. Congress intends for consumers to immediately benefit from the tax reduction and for fuel producers and dealers to 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 will enforce the requirement that consumers receive the tax benefit.

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Gas Prices Relief Act of 2026

Last updated: 3/9/2026 · Introduced: 3/9/2026

Author: Mark Kelly (D-AZ)

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 requires transfers of funds from the general fund to the Highway Trust Fund and the Leaking Underground Storage Tank Trust Fund.
Gasoline dealers are required to pass the tax reduction on to consumers, and may face monetary penalties for failing to do so.

119th Congressin committeeHR. 7919(In Committee)Official page

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Other Sections

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

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