The bill would set the federal gasoline tax rate under section 4081(a)(2)(A)(i) to zero for gasoline removed, entered, or sold from enactment through December 31, 2026. It would also suspend the related Leaking Underground Storage Tank Trust Fund financing rate during that period. The Treasury Secretary would transfer amounts equal to the resulting reductions in trust-fund receipts from the general fund to the Highway Trust Fund and the Leaking Underground Storage Tank Trust Fund, and could use applicable authorities to ensure consumers receive the tax reduction.

FactVote-generated overview; it is not an official CRS summary.