Eliminates the State Treasurer's authority to annually adjust the petroleum products gross receipts tax.

This bill eliminates the State Treasurer's authority to annually adjust the petroleum products gross receipts tax after State Fiscal Year 2021. Instead, the Legislature will be required to pass a law to change the petroleum products gross receipts tax. Currently, the tax rate is adjusted annually to meet a "highway fuel cap amount," which is approximately $2 billion and based on 2016 fuel sales. If the revenue in a year exceeds the cap amount, the following year's tax rate is decreased; if the revenue is less than the cap amount, the tax rate is increased.

Eliminates the State Treasurer's authority to annually adjust the petroleum products gross receipts tax.

This bill eliminates the State Treasurer's authority to annually adjust the petroleum products gross receipts tax after State Fiscal Year 2021. Instead, the Legislature will be required to pass a law to change the petroleum products gross receipts tax. Currently, the tax rate is adjusted annually to meet a "highway fuel cap amount," which is approximately $2 billion and based on 2016 fuel sales. If the revenue in a year exceeds the cap amount, the following year's tax rate is decreased; if the revenue is less than the cap amount, the tax rate is increased.