Georgia gas tax suspension: Senate Finance Committee approves bill
ATLANTA - The Georgia Senate Finance committee approved a bill that would temporarily suspend the collection of state motor vehicle taxes.
HB 304 would pause the tax through May 31 after gas prices soared to record highs in Georgia because of Russia's invasion of Ukraine.
The bill will go to the Senate Rules Committee before a full Senate vote. The bill will immediately go into effect when Gov. Brian Kemp signs it.
The bill has sped through the Georgia General Assembly since Kemp pushed for the measure.
Officials estimate it will cost the state about $160 million per month.
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What is the gas tax in Georgia?
Georgia collects a state excise tax of 28.7 cents per gallon, according to a January 2022 report from American Petroleum Institute. Georgians pay 55.95 center per gallon accounting for all state and federal taxes and fees.
During the Colonial Pipeline shutdown in 2021, Kemp suspended the gas tax to provide relief while the company recovered from a cyberattack.
How does Georgia's gas tax compare to other states?
Georgia's total of 55.95 cents per gallon came in lower than the national average of 57.09 cents per gallon. Georgia ranks 15th-highest among all U.S. states and Washington D.C.
California's 86.55 cents per gallon is the highest total tax figure while Alaska's 33.53 center per gallon is the lowest.
President Biden bans Russian oil imports
President Joe Biden has decided to ban Russian oil imports, toughening the toll on Russia’s economy in retaliation for its invasion of Ukraine, according to a person familiar with the matter.
"We're banning all imports of Russian oil and gas and energy. That means Russian oil will no longer be accepted at U.S. ports," the president announced on Tuesday.
The Associated Press contributed to this report.
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