Eliminates the State Treasurer's authority to annually adjust the petroleum products gross receipts tax after State Fiscal Year 2021.

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 tax rate. The tax rate is currently adjusted annually to meet the "highway fuel cap amount," which is approximately $2 billion and is based on the amount equivalent to 2016 fuel sales as if taxed at certain rates. If the amount of revenue in a year exceeds the cap amount, the following year’s tax rate is decreased.

Eliminates the State Treasurer's authority to annually adjust the petroleum products gross receipts tax after State Fiscal Year 2021.

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 tax rate. The tax rate is currently adjusted annually to meet the "highway fuel cap amount," which is approximately $2 billion and is based on the amount equivalent to 2016 fuel sales as if taxed at certain rates. If the amount of revenue in a year exceeds the cap amount, the following year’s tax rate is decreased.