N.C. motor fuels tax slated to drop
North Carolina's motor fuels tax is about to fall, but the change amounts to a drop in the bucket.
The tax for gasoline, diesel, and alternative fuels will decrease from 37.6 cents to 37.5 cents per gallon for the period from Oct. 1 through Dec. 31.
A statement from the N.C. Department of Revenue said the tax rate is computed using a flat rate of 17.5 cents per gallon and a variable wholesale component, either 3.5 cents or 7 percent of the average wholesale price of motor fuel during the preceding six months, whichever is greater.
North Carolina legislators passed a measure which went into effect in July and caps the motor fuels tax rate at 37.5 cents per gallon effective Oct. 1.
Copyright 2013 by WCTI12. The Associated Press contributed to this report. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.