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Pay Less at the Pump Act of 2026
To amend the Internal Revenue Code of 1986 to terminate the Hazardous Substance Superfund financing rate.
Summary
This bill amends the Internal Revenue Code to terminate the Hazardous Substance Superfund financing rate effective January 1, 2026. The Superfund financing rate, which is a tax on crude oil and certain chemical feedstocks, would no longer apply after that date. The bill also modifies how the Superfund can receive financial advances by requiring quarterly distributions from unobligated amounts in the Fund until any borrowed amounts are repaid in full, rather than allowing advances through a specified future date.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
- Sen. Barrasso, John [R-WY] (R-WY)
9 cosponsors
- Sen. Blackburn, Marsha [R-TN] (R-TN)
- Sen. Cornyn, John [R-TX] (R-TX)
- Sen. Cotton, Tom [R-AR] (R-AR)
- Sen. Hoeven, John [R-ND] (R-ND)
- Sen. Kennedy, John [R-LA] (R-LA)
- Sen. Lankford, James [R-OK] (R-OK)
- Sen. Lee, Mike [R-UT] (R-UT)
- Sen. Lummis, Cynthia M. [R-WY] (R-WY)
- Sen. Risch, James E. [R-ID] (R-ID)
Actions (2)
- Feb 12, 2026 Read twice and referred to the Committee on Finance. (text: CR S611) · senate
- Feb 12, 2026 Introduced in Senate
Similar bills (6)
Bills with similar text or summary — includes reintroductions across Congresses. Ranked by semantic similarity of the bill text (computed locally); a neutral discovery aid, not a claim the bills are duplicates.
Full text
IN THE SENATE OF THE UNITED STATES
February 12, 2026
Mr. Barrasso (for himself, Mr. Lankford, Mrs. Blackburn, Mr. Cornyn, Mr. Kennedy, Mr. Hoeven, Mr. Risch, Ms. Lummis, Mr. Cotton, and Mr. Lee) 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 terminate the Hazardous Substance Superfund financing rate.
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 “Pay Less at the Pump Act of 2026”.
SEC. 2. TERMINATION OF HAZARDOUS SUBSTANCE SUPERFUND FINANCING RATE.
(a) In General.—Section 4611 of the Internal Revenue Code of 1986 is amended by inserting after subsection (d) the following new subsection:
“(e) Application of Hazardous Substance Superfund Financing Rate.—The Hazardous Substance Superfund financing rate under this section shall not apply after December 31, 2025.”.
(b) Termination of Authority for Advances.—Section 9507(d)(3)(B) of such Code is amended—
(1) by striking “December 31, 2032” and inserting “the date of the enactment of the Pay Less at the Pump Act of 2026”, and
(2) by striking “on or before such date” and inserting “on a quarterly basis from unobligated amounts available in such Fund until repaid in full”.
(c) Effective Date.—
(1) In general.—The amendment made by subsection (a) shall take effect on January 1, 2026.
(2) Termination of authority for advances.—The amendments made by subsection (b) shall take effect on the date of the enactment of this Act. <all>
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