State suspends the gas tax for six months as pump prices soar

New York is temporarily lifting the 16 cents-a-gallon fuel tax for six months as the summer driving season kicks off with record-high pump prices.

Suspending the 16 cents-a-gallon fuel tax for six months would let New Yorkers keep $585 million, according to the legislation. The bill gives localities the option of waiving their local sales taxes, potentially equating to more savings.

Several states have taken steps to temporarily roll back their gasoline taxes as the cost of fuel has surged past $4 a gallon. Back in March, lawmakers in Maryland were looking to suspend the state’s 37 cents-per-gallon gas tax for 30 days and Georgia’s House of Representatives

→ Continue reading at Crain's New York Business

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