CIOMA members are reminded that fuel tax rates will adjust July 1, 2015. This is part of the complicated "fuel tax swap" enacted several years ago by the Legislature. Every year there may be changes in the gasoline and diesel tax rates based upon adjustments by the Board of Equalization. This year is no exception.
|
Fuel |
Rate up until 7/1/15 |
Rate after 7/1/15 |
|
Gasoline |
36 cents/gallon |
30 cents/gallon |
|
Diesel |
11 cents/gallon |
13 cents/gallon |
|
Aviation gas |
18 cents/gallon |
unaffected |
Where tax rates go down, as in the example of gasoline this year, it is important to be mindful of inventories. Fuels purchased in June will have a higher tax rate, and will be sold into a time (after July 1) when the lower tax rate becomes effective. There are no tax rebates allowed for this situation.
As another reminder, fueling locations must have a current summary of fuel taxes posted at their site. We have provided a sample notice that can be used after July 1, click here.