[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 4485 Introduced in Senate (IS)]

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119th CONGRESS
  2d Session
                                S. 4485

To amend the Internal Revenue Code of 1986 to provide a tax holiday for 
                       gasoline and diesel fuel.


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                   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

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                                 A BILL


 
To amend the Internal Revenue Code of 1986 to provide a tax holiday for 
                       gasoline and diesel fuel.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Gas Tax Suspension Act''.

SEC. 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.
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