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 monthly reports detailing the amount of fuel purchased, sold, or used, along with the corresponding tax payment. The bill changes the adjustment schedule for the gasoline tax, moving from a previous adjustment date of July 1, 2015, to July 1, 2025, and establishes that adjustments will occur every two years based on the percentage increase in the Consumer Price Index for all Urban Consumers (CPI-U) over the preceding two years.

The CPI-U will be compared as of September 30 of the prior calendar year to the CPI-U from September 30, twenty-four months prior, with adjustments rounded to the nearest one cent ($0.01). The bill ensures that the total tax will not fall below the amount specified in the existing law. 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