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SB 20 - Restructures the Motor Fuel Tax Rate and the State Tax Code - North Carolina Key Vote

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Title: Restructures the Motor Fuel Tax Rate and the State Tax Code

Signed by Governor Patrick McCrory


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Title: Restructures the Motor Fuel Tax Rate and the State Tax Code

Vote Smart's Synopsis:

Vote to adopt a conference report that restructures the motor fuel tax rate and the state tax code.

Highlights:

  • Restructures the current motor fuel tax rate as follows (Sec. 2):
    • $0.36, effective April 1, 2015;
    • $0.35, beginning January 1, 2016 through June 30, 2016; and
    • $0.34, beginning July 1, 2016 through December 31, 2016.
  • Amends the calculation of the motor fuel tax rate for the 2018 calendar years and afterwards to equal the tax rate of the preceding year multiplied by a percentage calculated based on the change in population and the change in Consumer Price Index for All Urban Consumers (Sec. 2).
  • Reduces the Highway Fund appropriations by $10.05 million (Sec. 4). 
  • Requires an individual to add the following items to his or her adjusted gross income when calculating taxable income (Sec. 1):
    • The amount excluded for the discharge of qualified mortgage debt;
    • The amount deducted for qualified tuition and related expenses; and
    • The amount excluded for a qualified charitable distribution from an individual’s retirement plan by an individual who is at least 70.5 years old.

 

Full Bill Text

NOTE: THIS IS A SUBSTITUTE BILL, MEANING THE LANGUAGE OF THE ORIGINAL BILL HAS BEEN REPLACED. THE DEGREE TO WHICH THE SUBSTITUTE BILL TEXT DIFFERS FROM THE PREVIOUS VERSION OF THE TEXT CAN VARY GREATLY.

See How Your Politicians Voted

Title: Restructures the Motor Fuel Tax Rate and the State Tax Code

Vote Smart's Synopsis:

Vote to pass a bill that restructures the motor fuel tax rate and the state tax code.

Highlights:

  • Reduces the current motor fuel tax rate from $0.375 to $0.35 per gallon, beginning March 1, 2015 and ending December 31, 2015 (Sec. 2).
  • Amends the motor fuel tax rate calculation to equal a flat excise tax of $0.175 per gallon plus a variable wholesale component of $0.175 per gallon or 9.9 percent of the average wholesale price of motor fuel, whichever is greater, beginning January 1, 2016 (Sec. 2).
  • Requires an individual to add the following items to his or her adjusted gross income when calculating taxable income (Sec. 1):
    • The amount excluded for the discharge of qualified mortgage debt;
    • The amount deducted for qualified tuition and related expenses; and
    • The amount excluded for a qualified charitable distribution from an individual’s retirement plan by an individual who is at least 70.5 years old.
  • Requires the Department of Transportation to eliminate 500 full-time positions, including certain administrative, maintenance, and management positions, by March 1, 2015 (Sec. 2).

 

NOTE: THIS IS A SECOND READING VOTE TO END DEBATE ON THE BILL AND ADVANCE IT TO THE THIRD READING IN WHICH AN UP-OR-DOWN VOTE FOR PASSAGE WILL OCCUR ONLY IF VOTES CHANGE OR THE THIRD READING OCCURS ON A DIFFERENT LEGISLATIVE DAY.

Full Bill Text

Title: Restructures the Motor Fuel Tax Rate and the State Tax Code

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