Ends a special tax on oil and chemicals, aiming to lower costs at the pump.
This bill would stop a special tax on certain chemicals and crude oil that helps pay for cleaning up hazardous waste sites. This tax currently applies to businesses in those industries. If passed, the tax would end after December 31, 2025. This could potentially lower costs for these businesses and, as the bill's name suggests, for consumers.
Currently, businesses in the chemical and petroleum industries pay a special tax that helps fund the Hazardous Substance Superfund, and the Superfund can borrow from the U.S. Treasury until December 31, 2032. If this bill becomes law, the special tax would end after December 31, 2025. Also, the Superfund would immediately lose its ability to borrow money and would have to repay any existing loans to the Treasury on a quarterly basis.
S 3863 · 119th Congress · February 12, 2026 · AI Summary by gemini-2.5-flash · 10/10
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