Petroleum-Based Liquid Fuels shall be subject to a State Excise Tax equal to ten percent (10.00%) of the pre-tax retail price, which shall furthermore be subject to a floor of $0.20 per gallon.
For example, if the pre-tax retail price of gasoline is $2.00 per gallon, then the State Excise Tax shall be set to $0.20. If the Federal Excise Tax is set to $0.20, then the total retail price shall be $2.40 per gallon (exclusing any local taxes).
Monies collect pursuant to this tax shall be used solely for the construction and maintenance of public transportation facilities (airports, highways, and railways).
No comments:
Post a Comment