Bill > S02346

This bill, known as the "gas tax holiday act," enacts a temporary exemption from certain state and local taxes on retail sales of fuel gas, motor fuel, and diesel motor fuel. This exemption will be in effect from the first day of the month following the bill's enactment until December 31, 2027. During this period, retailers are required to pass on the full amount of the tax savings to consumers by reducing the price per gallon of motor fuel and diesel motor fuel, and utility corporations must reduce their fuel gas-related utility rates. The bill also outlines provisions for retailers to receive credits or refunds for taxes they have already prepaid, and allows for advertising of these tax-free sales. Additionally, it addresses how municipalities can elect to eliminate their own local taxes on these fuels to further benefit consumers and mandates that the state's comptroller ensure that certain funds are not negatively impacted by the tax exemption.