Bill > S04925

This bill enacts the "Gas Tax Holiday Act of 2023", which provides that from the first of the month after the effective date of the section until December 31, 2023, the taxes imposed on retail sales of fuel gas, motor fuel, and diesel motor fuel shall be exempt from certain taxes, including the taxes imposed by Articles 12-A, 13-A, 28, and 29 of the Tax Law. The bill also requires retail sellers and utility corporations to reduce the price of motor fuel, diesel motor fuel, and fuel gas rates by the amount of the taxes that would have been collected. Additionally, the bill allows retail sellers to claim a credit against the taxes they have prepaid, and requires the Comptroller to transfer an amount equal to the taxes that would have been deposited into the Special Obligation Reserve and Payment Account if the exemption had not been authorized.