This bill temporarily suspends a portion of the federal fuel excise tax when the national average price of gasoline rises above $3.99 per gallon. Instead of reducing government revenue, the money saved from this tax cut is transferred back into the Highway Trust Fund and the Leaking Underground Storage Tank Trust Fund. Additionally, the legislation disallows certain tax credits and deductions for oil and gas companies for costs incurred or production occurring during these high-price months. These changes would only take effect for taxable years beginning after December 31, 2025.
The Diesel Prices Relief Act of 2026 eliminates the federal excise tax on diesel fuel for a period ending on January 1, 2027, directly affecting drivers and businesses that use diesel. To offset the lost revenue, the bill requires the Treasury Secretary to transfer money from the general fund to the Highway Trust Fund and the Leaking Underground Storage Tank Trust Fund. The legislation also mandates that fuel producers and dealers pass these savings immediately to consumers and gives the Treasury authority to enforce this requirement.
HR 8803 establishes a temporary excise tax on crude oil extracted or imported into the United States by large producers, defined as those extracting or importing more than 100,000 barrels daily. The tax rate is calculated based on the price of West Texas Intermediate oil exceeding $75 per barrel and applies only until hostilities with Iran cease, the Strait of Hormuz is fully reopened, and oil prices fall below that threshold. Revenue generated from this tax is placed into a dedicated trust fund to finance gasoline price rebates for eligible U.S. individuals starting in 2026. The legislation also includes provisions to ensure that U.S. territories with their own tax systems receive appropriate funding or credits to offset the impact of these changes.
This bill, known as the PFAS Cleanup Act, aims to address the health and economic costs of per- and polyfluoroalkyl substances by introducing two main financial mechanisms. First, it imposes a 45% excise tax on the sale of PFAS chemicals by manufacturers, producers, and importers starting in 2027. Second, it creates a tax credit for public water systems that spend money removing PFAS from drinking water when contamination levels exceed EPA safety limits. The revenue from the tax is intended to help fund cleanup efforts, while the credit encourages water providers to remediate hazardous pollution.
The Gas Prices Relief Act of 2026 temporarily eliminates the federal excise tax on gasoline for fuel sold between the date of enactment and January 1, 2027. To maintain funding for highway and environmental projects, the Treasury Department will transfer money from the general fund to replace the lost tax revenue. The bill also directs the Treasury to enforce measures ensuring that fuel producers and dealers pass these tax savings directly to consumers through lower prices.
The Supporting Energy and Economic Development (SEED) Act extends tax credits for biodiesel and renewable diesel through 2029 to encourage the production and use of these fuels. It prevents companies from claiming both income and excise tax credits for the same fuel by eliminating the double benefit for clean fuel production credits. Additionally, the bill clarifies rules for excise tax incentives, ensuring they apply to fuel used for taxable purposes after December 31, 2024, and before the law's enactment. These changes directly affect fuel producers, distributors, and businesses that utilize biodiesel or renewable diesel in their operations.
The REMITTANCE Act increases the excise tax on remittance transfers from 1 percent to 25 percent, with the goal of reducing the federal deficit by directing the collected funds to the Treasury's general fund. While this higher tax applies broadly, the bill creates a specific refundable tax credit for U.S. citizens who send money for business or travel purposes, allowing them to claim back the tax paid on those specific transactions. The legislation defines remittance transfers using existing standards from the Electronic Fund Transfer Act and applies these new tax rules retroactively to the date of a previous law. Ultimately, the bill aims to discourage personal money transfers while providing financial relief to individuals sending funds for work or travel.
The Gas Tax Suspension Act temporarily eliminates the federal excise tax on gasoline and diesel fuel for purchases made between the date of enactment and a specified end date. To prevent this tax break from reducing government revenue, the bill requires the Treasury Secretary to transfer money from the general fund to the Highway Trust Fund and the Leaking Underground Storage Tank Trust Fund to make up for the lost tax income. The tax holiday is set to last for at least 90 days, but the President has the authority to extend it to 180 days if economic conditions warrant it.
This joint resolution encourages U.S. states to establish "Veterans Tax Relief Weekends" to benefit veterans, active duty military personnel, Reservists, and National Guard members. It proposes that states voluntarily implement three-day sales tax holidays coinciding with Memorial Day, Independence Day, and Veterans Day. During these periods, eligible individuals and their families would receive temporary relief from state sales taxes on consumer purchases, offering a practical way for communities to recognize their service.
This bill establishes a new excise tax on crude oil extracted or imported by large oil companies and uses the revenue to provide rebates to eligible consumers. The tax would be imposed on companies that extract or import over 300,000 barrels of crude oil per day, at a rate of 50% of the difference between the current Brent crude oil price and a 2025 baseline price, adjusted for inflation. All revenue from this tax would be deposited into a new "Protect Consumers from Gas Hikes Fund." This fund would then be used to provide refundable tax credits, or rebates, to eligible individuals, with the rebate amount determined by the Secretary based on fund revenues and the number of eligible individuals. These rebates would be phased out for individuals with adjusted gross incomes exceeding certain thresholds, such as $150,000 for joint filers.
