Signed by Governor Steve Beshear

Vote Smart's Synopsis:

Vote to adopt a conference report that increases the average wholesale price of gasoline from $1.786 to $2.177 per gallon used to determine the state excise tax, beginning April 1, 2015.

Highlights:

• Defines “average wholesale price” as the weighted average per gallon wholesale price of gasoline, based on the quarterly survey value (Sec. 14).

• Defines “quarterly survey value” as a value determined quarterly by the Department of Revenue of the weighted average per gallon wholesale price of gasoline (Sec. 14). 

• Requires the average wholesale price to be the wholesale floor price, from July 1, 2015, through June 30, 2016 (Sec. 13). 

• Increases the wholesale floor price from $1.786 to $2.177 per gallon, beginning April 1, 2015 (Sec. 14).

• Requires the average wholesale price to be calculated annually, beginning July 1, 2016 (Sec. 13). 

• Requires the Department of Revenue to calculate quarterly the average wholesale price for a fiscal year beginning before July 1, 2015, according to the following criteria (Sec. 13):
• The average wholesale price will be the quarterly survey value; and
• The average wholesale price cannot be less than the wholesale floor price or increase by more than 10 percent per year.

• Requires the Department of Revenue to calculate annually the average wholesale price for a fiscal year beginning on or after July 1, 2016, according to the following criteria (Sec. 13):
• The average wholesale price will be the annual survey value;
• The average wholesale price cannot increase by more than 10 percent per year or decrease by more than 10 percent per year; and
• The average wholesale price cannot be less than the wholesale floor price.

Full Bill Text