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Youngkin Proposes Gas Tax Holiday to Combat Skyrocketing Prices

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In case you missed it, Gov. Glenn Youngkin called for a 90-day gas tax holiday to combat the pain at the pump felt by hardworking Virginians.

Youngkin’s proposal would temporarily suspend the state tax on motor fuel, which adds 26.2 cents per gallon to the cost of unleaded gas and 27 cents per gallon of diesel.

Youngkin revealed he intends to use $437 million in excess transportation revenue to support the May, June and July holiday. The Commonwealth would slowly reintroduce the Motor Vehicles Fuel Tax starting in August.

The governor plans to have a bill introduced in the General Assembly during the upcoming special legislative session.

Roanoke’s WDBJ adds:

Data released by the Bureau of Labor Statistics this week showed a 38.8% surge, year over year, in the gasoline index, and inflation on all items is at a 40-year high, according to Youngkin.

“Inflation, especially in energy and gasoline, is increasing because of failed policies by the current Presidential administration that constrain domestic supply. In addition, the conflict in Ukraine is further exacerbating the problem. These rising gas prices are hurting Virginians, and we need to do something about it,” Governor Youngkin said. “The Commonwealth Transportation fund has over $1 billion more revenue than anticipated this year and next, from the taxes paid by the people of Virginia. This bill gives money back to them in the form of a gas tax holiday.”

 

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