GAS TAXES GO DOWN TOMORROW, BUT NOT BY MUCH

The California Board of Equalization has announced that the state excise tax on gasoline will drop 2.2 cents per gallon as of Friday, July 1. This lowers the current excise tax rate from 30 cents to 27.8 cents per gallon. The lowered gas tax rate will remain in effect for one year. Even with the lowered gas tax, California pays the highest amount in taxes on gasoline than any other state, which includes an additional 10.62 cents per gallon in other taxes, and 18.4 cents collected by the federal government. The lowered gas tax will cut the state’s transportation fund by $328 million.