The Gas Prices Relief Act of 2026 would temporarily suspend federal gasoline taxes and the Leaking Underground Storage Tank Trust Fund financing rate from its enactment until October 1, 2026, aiming to reduce costs for consumers who purchase gasoline. Specifically, it sets the federal excise tax on gasoline to zero during this period. To prevent funding shortfalls, the bill directs the Treasury to transfer equivalent amounts from the general fund to the Highway Trust Fund and the Leaking Underground Storage Tank Trust Fund. It also includes a policy that the tax reduction should be passed on to consumers and empowers the Secretary of the Treasury to ensure this, potentially through monetary penalties for producers and dealers who do not reduce prices.
This bill, the Restoring College Access and Affordability Act, primarily reverses several changes made to federal student loan and grant programs in previous legislation. It restores previous loan limits, repayment terms, and deferment options that were altered by prior laws, affecting current and future student borrowers. The bill also modifies eligibility rules for Pell Grants and adjusts criteria for determining which educational programs can be deemed low-earning, specifically including programs that award associate's degrees and certificates. Additionally, it delays certain federal regulations related to borrower defense claims and closed school discharges, while reducing the excise tax on private college endowment income to 1.4 percent.
This bill establishes a federal grant program to help States, Indian Tribes, and Tribal organizations provide services to people struggling with gambling addiction. The program would fund prevention efforts, screening, treatment, and support services including training for healthcare providers, public awareness campaigns, and access to help lines and peer support groups. Grants would be awarded competitively, with priority given to programs serving vulnerable populations such as Native Americans, veterans, youth, and those in rural or underserved areas. Funding would come from a portion of the federal excise tax on gambling, with amounts adjusted annually for inflation.
This bill, titled the Gas Prices Relief Act of 2026, would temporarily eliminate the federal gasoline tax for fuel sold between the date of enactment and October 1, 2026. The legislation directly affects gasoline producers, dealers, and consumers by setting the tax rate to zero during this period while requiring producers and dealers to pass the savings directly to consumers. To maintain funding for road infrastructure and environmental programs, the bill mandates that the Treasury transfer equivalent amounts from the general fund to the Highway Trust Fund and the Leaking Underground Storage Tank Trust Fund. Additionally, the bill includes enforcement provisions that impose monetary penalties on fuel sellers who fail to pass the tax savings on to consumers.
This bill creates a new Business Child Care Liaison position within the Internal Revenue Service to help businesses understand and use tax benefits for employee child care. The Liaison would connect businesses with various organizations, provide public education on employer-provided child care options, and issue guidance materials for tax return preparers. Additionally, the role would coordinate with other federal agencies and state governments to reduce information barriers for small businesses and report annually on the progress of child care benefit utilization. The position would be exempt from standard federal appointment rules and would submit annual reports to Congress detailing outreach activities and recommendations for improving access to child care tax incentives.
This bill, titled the HOPE for Homeownership Act, imposes a 15 percent excise tax on hedge funds that purchase single-family homes with 1 to 4 units. The tax applies to any hedge fund taxpayer that manages at least $50 million in assets and acquires a majority ownership interest in such residential properties. Additionally, the legislation disallows mortgage interest deductions and depreciation for hedge funds that rent or lease these homes, while also reducing their eligibility for certain business income tax benefits. These tax changes are designed to discourage institutional investors from buying residential properties for investment purposes.
HR 169, the Prevent Family Fire Act of 2025, creates a 10% tax credit for manufacturers selling qualifying safe firearm storage devices. The credit applies to the first retail sale of each device per year, capped at $400 per device, and excludes sales tax. A qualifying device must be designed to prevent unauthorized access or render firearms inoperable using an integrated combination, key, or biometric lock (excluding devices built into firearms or under recall). The credit is available for taxable years beginning after the bill's enactment through 2032, with annual reporting required by the Treasury.
This bill targets universities with endowments of $2.5 billion or more, imposing penalties based on student loan repayment rates. Institutions with high rates of defaulted, delinquent, or underpaid student loans (measured as the percentage of borrowers missing payments for 31-360 days) must pay penalties equal to 16-30% of outstanding loan balances, with rates phased in through 2030. It also adds a 25% tax on the net investment income of these institutions if their average tuition exceeds an inflation-adjusted base amount. The penalties and tax apply only to large endowment institutions that fail to meet specific repayment thresholds or raise tuition beyond inflation.
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.
