The bill amends Section 31-36-7 of the General Laws in Chapter 31-36, titled "Motor Fuel Tax," to update the process for adjusting the gasoline tax for inflation. It introduces a new requirement for distributors to submit a monthly report detailing the amount of fuel purchased, sold, or used, along with the corresponding tax payment. The bill changes the effective date for the gasoline tax adjustment from 2015 to 2025 and specifies that the adjustment will occur every two years based on the percentage increase in the Consumer Price Index for all Urban Consumers (CPI-U) over the previous two years, rather than annually.

Additionally, the bill mandates that the adjustment be calculated by comparing the CPI-U as of September 30 of the prior calendar year with the CPI-U from September 30, twenty-four months prior. The adjustment will be rounded to the nearest one cent ($0.01) increment. This act is intended to ensure that the motor fuel tax keeps pace with inflation and will take effect upon passage.

Statutes affected:
5468: 31-36-7