H.R. 10889: Giving Americans Savings Act of 2026

This bill would create a new federal tax credit for individuals to help offset the cost of fuel used for personal transportation.

What the credit covers

The bill would add a new section to the Internal Revenue Code called the retail motor fuel credit. Under this credit, an individual could claim a tax credit equal to their qualified motor vehicle fuel expenses for the year.

“Qualified motor vehicle fuel expenses” would mean money spent to:

• buy gasoline or diesel fuel for personal use in a motor vehicle, or
• recharge an electric motor vehicle for personal use.

How it would work

The credit would reduce a person’s federal income tax liability by the amount of their eligible fuel expenses, subject to the normal rules that apply to tax credits.

The bill also says that taxpayers could not get a double tax benefit for the same expense. In other words, if someone counts a fuel expense toward this credit, they could not also claim another credit or deduction for that same expense under another part of the tax code.

The Treasury Department would be allowed to issue regulations or guidance needed to carry out the credit.

When it would take effect

The new credit would apply to fuel expenses paid or incurred after December 31, 2026.

Other technical changes

The bill includes a few conforming amendments to make the tax code and related budget law consistent with the new credit.

Relevant Companies

• XOM — Exxon Mobil could be indirectly affected if the credit changes consumer demand for gasoline and diesel fuel.
• CVX — Chevron could be indirectly affected for similar reasons through fuel sales demand.
• MPLX — Midstream fuel and refined-products businesses could see indirect effects from changes in retail fuel consumption.
• KMI — Kinder Morgan could be indirectly affected through energy transportation volumes tied to fuel markets.
• TSLA — Tesla could be indirectly affected because the credit also covers electricity used to recharge personal electric vehicles, which may affect EV operating costs for consumers.