On Tuesday, February 24 the State Board of Equalization will consider a proposed 7.5 cent per gallon tax cut.
A gas tax cut of this magnitude would be great news for California drivers, who are currently forced to pay one of the highest gas tax rates in the nation.
The proposed cut stems from falling gas prices and the resulting over collection of tax.
Annual rate changes are required under a confusing and complicated formula enacted by the Legislature in 2010 in order to move a billion dollars to the General Fund. Each year the Board of Equalization must adjust the gas tax rate to ensure the state receives neither more nor less revenue than it would have under the prior tax system.
I look forward to considering the proposed cut with my colleagues when the Board meets on Tuesday, February 24. We invite and welcome public feedback and participation.