S. 4485

119 S4485 IS: Gas Tax Suspension Act
 U.S. Senate
 2026-05-11
 text/xml
 EN
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 II  119th CONGRESS  2d Session  S. 4485  IN THE SENATE OF THE UNITED STATES   May 11, 2026   Mr. Hawley  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 provide a tax holiday for gasoline and diesel fuel.
1.
Short title
This Act may be cited as the   Gas Tax Suspension Act  .
2.
2026 tax holiday for taxable fuels
(a)
In general
In the case of taxable fuel (as defined in  section 4083(a)(1)  of the Internal Revenue Code of 1986) removed, entered, or sold on or after the date of the enactment of this Act and before the applicable date—
(1)
the rate of tax under clauses (i) and (iii) of  section 4081(a)(2)(A)  of the Internal Revenue Code of 1986 shall be zero, and
(2)
the Leaking Underground Storage Tank Trust Fund financing rate under section 4081(a)(2)(B) of such Code shall not apply to taxable fuel to which the rate under paragraph (1) applies.
(b)
Transfers to Trust Fund
(1)
In general
The Secretary of the Treasury shall transfer from the general fund to the Highway Trust Fund established under  section 9503(a)  of the Internal Revenue Code of 1986 and the Leaking Underground Storage Tank Trust Fund established under section 9508(a) of such Code amounts equal to the reduction in amounts credited (but for this subsection) to each such Trust Fund by reason of subsection (a).
(2)
Coordination rules
(A)
Leaking Underground Storage Tank Trust Fund
Amounts transferred to the Leaking Underground Storage Tank Trust Fund under paragraph (1) shall be treated for purposes of sections 9503(b)(1) and 9508(b)(2) of such Code as taxes received in the Treasury under section 4081 of such Code attributable to the Leaking Underground Storage Tank Trust Fund financing rate.
(B)
Highway Trust Fund
Amounts transferred to the Highway Trust Fund under paragraph (1) shall be treated for purposes of section 9503(b)(1) of such Code as taxes received in the Treasury under section 4081 of such Code which are not attributable to the Leaking Underground Storage Tank Trust Fund financing rate.
(c)
Applicable date
For purposes of this section, the term  applicable date  means—
(1)
the date which is 90 days after the date of enactment of this Act, or
(2)
if the President determines, in the President's sole discretion, that economic conditions merit an additional suspension of the tax on taxable fuels described in subsection (a), the date which is 180 days after the date of enactment of this Act.