The Data Center Community Reinvestment Act of 2026 imposes a federal excise tax of one cent per kilowatt-hour on electricity consumed by data centers with a peak power load exceeding one megawatt. The revenue generated from this tax is divided equally among five specific government funds: the Land and Water Conservation Fund, the Housing Trust Fund, the Hazardous Substance Superfund, the Highway Trust Fund, and a newly established Energy Technology Trust Fund. This legislation directly affects large-scale data center operators by adding a cost to their energy usage, while directing the collected funds toward infrastructure, environmental cleanup, housing, and energy technology initiatives.
The Stock Buyback Accountability Act of 2026 raises the federal excise tax on corporate stock repurchases from 1 percent to 4 percent, directly affecting corporations that buy back their own shares. This change also modifies existing tax rules to exclude stock issued to high-income executives and employees earning over $1 million from the tax calculation. The new provisions apply to stock repurchases occurring after the law is enacted, with specific transition rules for partial-year transactions, while the adjustments to tax exemptions take effect for taxable years ending more than 90 days after enactment.
The Modern, Clean, and Safe Trucks Act of 2026 repeals the 12 percent federal excise tax on new heavy trucks, tractors, and trailers. By removing this tax, the bill aims to lower the purchase price of these vehicles and encourage the replacement of older, less efficient models with newer, cleaner technology. The legislation directly affects truck manufacturers, dealerships, and fleet operators by eliminating a specific line item in the Internal Revenue Code that currently applies to the first retail sale of these items. Additionally, the act includes technical amendments to related tax sections to ensure consistency after the main tax is removed.
This bill, titled the Gas Tax Relief Act, temporarily eliminates the federal excise tax on gasoline and other taxable fuels for a period of up to 215 days starting after its enactment. The tax holiday directly affects drivers and businesses that purchase fuel, removing the specific tax rates that currently apply to these purchases. To maintain federal revenue, the law requires the Treasury Secretary to transfer an amount equal to the tax savings into the Highway Trust Fund and the Leaking Underground Storage Tank Trust Fund. Additionally, the President has the authority to extend the tax suspension or gradually reintroduce the tax over time based on economic conditions.
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.
The End Oil and Gas Tax Subsidies Act of 2025 would eliminate several tax benefits currently available to oil and gas companies, including credits for enhanced oil recovery, deductions for intangible drilling costs, and percentage depletion allowances. It would also prohibit major integrated oil companies (defined as those meeting specific production and revenue thresholds) from using last-in, first-out accounting for inventory purposes. These changes would take effect for taxable years beginning after December 31, 2024, directly affecting oil and gas producers who currently claim these tax benefits. The legislation removes specific tax advantages that have been available to the oil and gas industry, potentially increasing their tax burden.
HR 640, the Chemical Tax Repeal Act, eliminates excise taxes on specific chemicals previously levied under Internal Revenue Code Chapter 38. It directly affects chemical manufacturers and distributors who paid these taxes on certain substances. The bill repeals the relevant tax provisions by amending the Internal Revenue Code, removing subchapters B and C of Chapter 38. This change takes effect on January 1, 2024, ending the tax requirement for covered chemicals.
HR 4274, the Remittance Expense Minimization and Integrity for Transfers Act (REMIT Act of 2025), requires the Treasury Secretary to certify to Congress before imposing any excise tax or fee on money transmitting businesses. This applies to both licensed services and informal transfer systems (IVTS), such as those used by diaspora communities. The certification must confirm the tax/fee won’t increase money laundering risks or impose undue burdens on businesses. The bill responds to findings that current regulations have pushed users toward unregulated IVTS, which criminal groups exploit for money laundering and terrorist financing. It aims to prevent new fees from inadvertently worsening financial crime while protecting legitimate remittance flows.
HR 684, the Protecting American Savers and Retirees Act, repeals a tax on corporate stock buybacks. The bill removes Chapter 37 of the Internal Revenue Code, which imposed an excise tax on companies repurchasing their own shares. This change directly affects corporations that engage in stock buyback programs by eliminating this tax liability. The repeal takes effect for taxable years beginning after December 31, 2024.
