GENERAL ASSEMBLY OF NORTH CAROLINA
SESSION 2001
H	1
HOUSE BILL 637

 
 
Short Title:	Modify Fuel Tax Formula.	()	
Sponsors:	Representative Crawford.	
Referred to:	Finance.	
March 15, 2001

A BILL TO BE ENTITLED
AN ACT to adjust the formula for calculating the motor fuel excise tax rate.

The General Assembly of North Carolina enacts:
SECTION 1.  G.S. 105‑449.80(a) reads as rewritten:
"(a)	Rate. – The motor fuel excise tax rate is a flat rate of seventeen and one‑half cents (17 1/2¢)a gallon plus a variable wholesale component. The variable wholesale component is either five and one‑half cents  (5 ½¢) a gallon or seven percent (7%) of the average wholesale price of motor fuel for the applicable base period, whichever is greater.
The two base periods are six‑month periods; one ends on September 30 and one ends on March 31. The Secretary must set the tax rate twice a year based on the wholesale price for each base period. A tax rate set by the Secretary using information for the base period that ends on September 30 applies to the six‑month period that begins the following January 1. A tax rate set by the Secretary using information for the base period that ends on March 31 applies to the six‑month period that begins the following July 1."
SECTION 2.  This act becomes effective July 1, 2001.