What does Preamble of Gas Tax Suspension 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.

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

This bill is formally titled the Gas Tax Suspension Act

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

This section establishes a tax holiday for taxable fuels. The rate of tax under specific sections of the Internal Revenue Code (4081(a)(2)(A) and 4081(a)(2)(B)) will be zero for taxable fuel removed, entered, or sold from the date of enactment until the applicable date. The 'applicable date' is either 90 days after enactment or, at the President's discretion due to economic conditions, 180 days after enactment. To offset the revenue reduction from the tax holiday, 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. Transfers to the Leaking Underground Storage Tank Trust Fund will be treated as taxes attributable to that fund's financing rate. Transfers to the Highway Trust Fund will be treated as taxes not attributable to the Leaking Underground Storage Tank Trust Fund financing rate.

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Gas Tax Suspension Act

Last updated: 5/11/2026 · Introduced: 5/11/2026

Author: Josh Hawley (R-MO)

TL;DR (AI)

This bill temporarily eliminates federal taxes on gasoline and diesel fuel, setting the tax rate to zero for up to 180 days.
To compensate for lost tax revenue, the bill directs funds from the general fund to the Highway Trust Fund and the Leaking Underground Storage Tank Trust Fund.
The length of the tax holiday is initially set at 90 days but can be extended to 180 days at the President's discretion based on economic conditions.

119th Congressin committeeHR. 8753(In Committee)Official page

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Other Sections

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

3 sections

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