North Carolina Motor Fuels Tax Rate Set To Increase

North Carolina Motor Fuels Tax Rate Set To Increase

By / State News / Tuesday, 16 December 2014 05:00

RALEIGH, N.C. : December 15th, 2014 - The North Carolina motor fuels tax rate for gasoline, diesel, and alternative fuels will increase from 36.5 cents per gallon to 37.5 cents per gallon for the period January 1, 2015 through June 30, 2015, Department of Revenue Secretary Lyons Gray announced today.
The tax rate is computed using a flat rate of 17.5 cents per gallon and a variable wholesale component. The variable wholesale component is the greater of 3.5 cents or 7 percent of the average wholesale price of motor fuel during the preceding six-month base period. The average wholesale price is a weighted average of the wholesale prices of gasoline and No. 2 diesel fuel. The average price for the last base period was $2.8808 cents per gallon. During the 2013 legislative session, North Carolina House Bill 998 was passed, which capped the motor fuels tax rate at 37.5 cents per gallon. The cap is effective through June 30, 2015.
The new tax rate should be used beginning with the gasoline, diesel, and alternative fuels reports for January 2015 that are to be filed with the Department of Revenue in February 2015. The state motor fuels tax is included in the retail price paid by consumers at the pump.
Source: North Carolina Department of Revenue.

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