Monday, December 23, 2013

Tax on Fuels will drop on New Year’s Day

Kentucky's tax on the sale of gasoline, diesel and ethanol fuels will drop by one and a half cents per gallon on New Year's Day.

State officials say the reduction reflects a drop in the calculated average wholesale fuel price.

The decrease would result in the loss of about $45 million to the Kentucky road fund on an annualized basis. That supplies revenue to build, improve and maintain the state's roads and bridges.

State officials say any loss of revenue is concerning.