[State Board of Equalization] – The California State Board of Equalization will consider setting a new excise tax rate on gasoline for Fiscal Year 2016 to 2017 and will review a legislative proposal to exempt some pawn shop sales from tax during its February board meeting on Tuesday, Feb. 23, and Wednesday, Feb. 24.
The Board will consider the BOE staff recommendation to lower the excise tax rate for gasoline by 2.2 cents for Fiscal Year 2016 to 2017. The current rate, effective through June 30, 2016, is 30 cents per gallon.
If adopted by the Board, the new rate of 27.8 cents per gallon will be effective July 1, 2016, through June 30, 2017.
The Board has been tasked with annually setting the excise tax rate on gasoline since 2010, when two pieces of state legislation, AB x8 6 and SB 70, collectively known as the fuel tax swap, took effect.
The Board’s Legislative Committee will decide whether to sponsor a legislative proposal to exempt from sales or use tax certain sales by pawnbrokers. This proposal will exempt customers from paying sales tax upon reacquiring an item they once owned for up to six months after the pawn shop obtained title to the item.
This tax exemption may help taxpayers reclaim items they sold to pawn shops by lowering the overall cost to buy back those items.
The five-member California State Board of Equalization is a publicly elected tax board. The BOE collects $60 billion annually in taxes and fees, supporting state and local government services.
It hears business tax appeals, acts as the appellate body for franchise and personal income tax appeals, and serves a significant role in the assessment and administration of property taxes. For more information on other taxes and fees in California, visit www.taxes.ca.gov.
This news release may discuss complex tax laws and concepts. It may not address every situation, and is not considered written advice under Revenue and Taxation Code section 6596. Changes in law or regulations may have occurred since the time this news release was written. If there is a conflict between the text of this news release and the law, decisions will be based upon the law and not this news release. For specific help, please contact the BOE at 1-800-400-7115.
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2 Comments
What a scam criminals running this country has got to stop.Or there will continue to suck the life out of every person in this country.
Thank you for the consideration of lowering the gas tax. This helps, with all consumables going up in price for which there is no say (milk, eggs, and other necessities) and wages staying stagnant this may seem a small change, but it is grand. Currently enjoying a low cost of gas, but we know this ride is not for long, we will soon be hit with the “warm months cost of gas processing.” ? Thank you and hope for success.