North Carolina Motor Fuel Tax Rate Decreases July 1, 2016

Johnson Price Sprinkle PA (JPS) is a leading accounting firm in Western North Carolina providing innovative financial solutions created specifically for small to mid-sized, closely-held and family-owned businesses. Our dedicated accountants and financial team in Asheville, Boone and Marion, NC, provide exceptional tax, audit and business advisory services. At JPS, we are steadfast in our pursuit to always be WNC’s premier CPA firm. 

JPS reports NC's Motor Fuel Tax Rate Decrease on July 1, 2016

North Carolina’s motor fuels tax for gasoline, diesel, and alternative fuels will decrease to 34 cents per gallon on July 1, 2016. 

Under NC Senate Bill 20 passed in March 2015, North Carolina’s motor fuels tax has had a multi-step decrease since April 1, 2015.  The last rate decrease under the bill occurs on July 1, 2016.

“The new rate should be used beginning with the gasoline, diesel, and alternative fuels reports for July 2016 that are to be filed with the Department of Revenue in August 2016”  states the North Carolina Department of Revenue.

NC motor fuels tax rates:

Prior to April 1, 2015:                         37.5 cents

April 1 – December 31, 2015:             36.0 cents

January 1 – July 1, 2016:                    35.0 cents

July 1 – December 31, 2016:             34.0 cents

 

Unsure if you are maximizing your tax credits and deductions?
Let JPS confidently navigate you through the ever-changing tax and assurance pathways.

 

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About JPS:

At JPS, everything we do is about improving the lives of clients, people, community and profession by providing innovative resources and financial solutions.  Our team is dedicated to learning the intricacies of your business, whether you’re a small operation, a nonprofit organization or a large corporation, and, whether your business is in its infancy or already well established. We also invest time and energy in our community, taking pride in doing what we can to make Western North Carolina a better place to live and work. Our Mission is to Be Greater by improving the financial lives of our clients while strengthening our community.

 

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