Gas Prices Relief Act of 2026

This legislation enacts a temporary suspension of the federal gasoline tax, setting the rate to zero for gasoline removed, entered, or sold from the date of enactment until January 1, 2027. Additionally, the Leaking Underground Storage Tank Trust Fund financing rate will not apply to gasoline during this tax holiday period. The primary goal is to provide relief from gasoline prices by reducing the federal tax burden on fuel.

To prevent financial shortfalls, the Secretary of the Treasury is directed to transfer amounts equal to the lost tax revenue from the general fund to both the Highway Trust Fund and the Leaking Underground Storage Tank Trust Fund. Congress explicitly states its policy that consumers should immediately receive the full benefit of this tax reduction. The Secretary of the Treasury is also granted authority to enforce this policy, ensuring that transportation motor fuels producers and dealers reduce prices accordingly.