Updated Wednesday April 1st at 6:13 am
The price at North Carolina pumps should soon drop a penny or two now that Gov. Pat McCrory has signed a bill finalizing gas tax changes.
McCrory announced Tuesday he had signed into law an incremental motor fuels tax decline within a couple of hours of the Senate and House voting for the bill's final approval.
The bill directs the gas tax drop from 37.5 cents per gallon to 36 cents starting Wednesday, then to 35 cents next January and 34 cents in July 2016. A new formula would take over in 2017.
Some Democrats complained without the new law the tax would have likely fallen this summer below 30 cents due to falling gas prices. Republicans warned that would have delayed road-building projects that rely on gas tax revenues.
Original Post:
Gasoline taxes in North Carolina appear to be headed downward -but not by as much as they could have. The General Assembly gave its initial approval last night to a compromise reached between House and Senate members on how to handle an expected sharp drop in the motor fuels tax. GOP lawmakers and transportation officials warned the projected decline based on the current formula for calculating the tax would have delayed road projects. The final agreement would initially reduce the tax by 1.5 cents per gallon to 36 cents, falling to 35 cents next January and 34 cents in July 2016. There was little debate in the Senate, but several House Democrats complained about Senate provisions left in the final bill. Final legislative votes are expected today. Governor Pat McCrory has praised the final agreement. If lawmakers did nothing, legislative analysts say the gas tax was likely headed below 30 cents a gallon because it’s calculated in part on the wholesale price of fuel.
