Salt Report 3563 – On February 24, 2015, in Culver City, the new Board members will consider lowering the fuel excise tax from $0.36 to $0.285 per gallon. If passed, the $0.075 reduction will be effective beginning July 1, 2015. In fiscal year 13-14 the excise tax brought in $5.8 billion. This potential rate adjustment is known as the “fuel tax swap” was which took effect in 2010.
The attached Youtube video provides a quick demonstration of how it works.