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119th CONGRESS
2d Session |
To amend the Internal Revenue Code of 1986 to terminate the Hazardous Substance Superfund financing rate.
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
To amend the Internal Revenue Code of 1986 to terminate the Hazardous Substance Superfund financing rate.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
This Act may be cited as the “Pay Less at the Pump Act of 2026”.
SEC. 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”.
(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.