S. 4485

[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.

_______________________________________________________________________

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.

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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