Fuels taxes; indexing of tax rates. (SB162)

Introduced By

Sen. Chap Petersen (D-Fairfax)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

Fuels taxes; indexing of tax rates.  Increases or decreases each year the rates of Virginia's fuels taxes using a fuel efficiency index. The bill would define the fuel efficiency index as the quotient that is obtained when using as the numerator the total annual vehicle miles traveled in the Commonwealth for the relevant year and using as the denominator the total gallons of motor fuel consumed for highway use in the Commonwealth for the relevant year. The numerator and denominator would be the corresponding amounts as published by the Federal Highway Administration of the United States Department of Transportation.

The bill would establish 2007 as the base year for the fuel efficiency index. Thus, the percentage change in the fuel efficiency index between the current year and 2007, the base year, would determine the annual percentage increase or decrease in the rates of Virginia's fuels taxes. Each December the Commissioner of the Department of Motor Vehicles would compute the adjusted rates of fuels taxes.

Currently, Virginia's fuels taxes are fixed at the rate of $0.175 per gallon for each gallon of gasoline, gasohol, and diesel fuel. Read the Bill »

Status

02/08/2012: Merged into SB631

History

DateAction
01/10/2012Prefiled and ordered printed; offered 01/11/12 12101642D
01/10/2012Referred to Committee on Finance
02/03/2012Impact statement from DPB (SB162)
02/08/2012Incorporated by Finance (SB631-Watkins) (15-Y 0-N) (see vote tally)