California to cut tax on gasoline by 6c/gal effective July 1
Here's one you don't hear everyday: California's Board of Equalization is looking at lowering the excise tax that motorists pay on a gallon of gasoline in the state. At this writing, the Board of Equalization is meeting, likely to make a decision to cut 7.5 cents per gallon off the amount of tax Californians pay on gasoline.
Since 2010, the “fuel tax swap” law has required the Board to adjust the tax rate by March 1st of each year. If adopted, between July 1, 2015 and June 30, 2016, the excise tax rate on gasoline will be $0.285 per gallon. The current excise tax rate of $0.36 is in effect until June 30, 2015.
Board of Equalization Member George Runner says he wants to put more money back into consumers' pockets. "Right now, what it really means is that people are overpaying their taxes, and that doesn't make a lot of sense. And when we discover that people are overpaying their taxes, we need to try to stop that as soon as possible, and
Feb 24, 2015