S. 3863

119 S3863 IS: Pay Less at the Pump Act of 2026
 U.S. Senate
 2026-02-12
 text/xml
 EN
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 II  119th CONGRESS  2d Session  S. 3863  IN THE SENATE OF THE UNITED STATES   February 12, 2026   Mr. Barrasso  (for himself,  Mr. Lankford ,  Mrs. Blackburn ,  Mr. Cornyn ,  Mr. Kennedy ,  Mr. Hoeven ,  Mr. Risch ,  Ms. Lummis ,  Mr. Cotton , and  Mr. Lee ) introduced the following bill; which was read twice and referred to the  Committee on Finance    A BILL
To amend the Internal Revenue Code of 1986 to terminate the Hazardous Substance Superfund financing rate.
1.
Short title
This Act may be cited as the   Pay Less at the Pump Act of 2026  .
2.
Termination of Hazardous Substance Superfund financing rate
(a)
In general
 Section 4611  of the Internal Revenue Code of 1986 is amended by inserting after subsection (d) the following new subsection:
(e)
Application of Hazardous Substance Superfund financing rate
The Hazardous Substance Superfund financing rate under this section shall not apply after December 31, 2025.
 .
(b)
Termination of authority for advances
Section 9507(d)(3)(B) of such Code is amended—
(1)
by striking  December 31, 2032  and inserting  the date of the enactment of the  Pay Less at the Pump Act of 2026  , and
(2)
by striking  on or before such date  and inserting  on a quarterly basis from unobligated amounts available in such Fund until repaid in full .
(c)
Effective date
(1)
In general
The amendment made by subsection (a) shall take effect on January 1, 2026.
(2)
Termination of authority for advances
The amendments made by subsection (b) shall take effect on the date of the enactment of this Act.