Usa Maine

USA Statutes : maine
Title : Title 36. TAXATION
Chapter : Chapter 465. INDEXING OF MOTOR FUEL TAX RATES (HEADING. PL 2001, c. 688, @8 (new))
Title 36 - §3321. Annual adjustment of tax rates

Title 36: TAXATION
Chapter 465: INDEXING OF MOTOR FUEL TAX RATES (HEADING: PL 2001, c. 688, @8 (new))

§3321. Annual adjustment of tax rates

1. Generally. Beginning in 2003, and each calendar year thereafter, the excise tax imposed upon internal combustion engine fuel pursuant to section 2903, subsection 1 and the excise tax imposed upon distillates pursuant to section 3203, subsection 1 are subject to an annual rate of adjustment pursuant to this section. On or about February 15th of each year, the State Tax Assessor shall calculate the adjusted rates by multiplying the rates in effect on the calculation date by an inflation index as computed in subsection 2. The adjusted rates must then be rounded to the nearest 110 of a cent and become effective on the first day of July immediately following the calculation. The assessor shall publish the annually adjusted fuel tax rates and shall provide all necessary forms and reports to suppliers, distributors and retail dealers. [2001, c. 688, §8 (new).]

2. Method of calculation; inflation index defined. The inflation index for 2003 is 1.118, representing annual inflation adjustments for the years 1999 to 2002, inclusive. Starting in 2004 and every year thereafter, the inflation index is the Consumer Price Index as defined in section 5402, subsection 1 for the calendar year ending on the December 31st immediately preceding the calculation date, divided by the Consumer Price Index for the prior calendar year. [2001, c. 688, §8 (new).]

3. Exclusion. This section does not apply to internal combustion engine fuel purchased or used for the purpose of propelling jet or turbojet engine aircraft. [2001, c. 688, §8 (new).]

4. Legislative review. Starting in 2003 and each odd-numbered year thereafter, the Department of Transportation shall submit a bill by the cloture date established for departments and agencies that repeals any adjustment in fuel tax rates in the upcoming biennium resulting from the operation of this section. [2001, c. 688, §8 (new).]

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USA Statutes : maine