Ethanol tax credit.

12LSO-0039.C1

                                                         

FISCAL NOTE

 

 

 

FY 2013

FY 2014

FY 2015

NON-ADMINISTRATIVE IMPACT

 

 

 

Anticipated Revenue Increase:

 

 

 

CITIES AND TOWNS DIST   

240,000

480,000

480,000

COUNTY DIST             

440,000

880,000

880,000

HIGHWAY FUND

 

Total            

920,000

 

1,600,000

1,840,000

 

3,200,000

1,840,000

 

3,200,000

 

 

Source of Revenue Increase:

Repeal of the ethanol fuel tax credit will allow the state HIGHWAY FUND, and local governments to resume collecting fuel taxes on Wyoming-produced ethanol.

 

Assumption:

Due to the effective date of January 1, 2013, amounts shown for FY 2013 reflect the estimated tax collections for one-half of the fiscal year after the credit is repealed.

 

The amounts shown are estimates of the current revenue foregone by the state and local governments for fuel taxes that would have been collected without the current tax credit.  These estimates are based on the current annually produced ethanol of approximately 8,000,000 gallons at $0.40 credit per gallon.  Based on the statute being repealed, the total maximum current credit allowed is $4,000,000 for all ethanol producers in any one year.

 

The proportionate shares of the revenue increases for the HIGHWAY FUND and local governments are based on the fuel tax distribution formula outlined in W.S. 39-17-111 (57.5% to the HIGHWAY FUND, 27.5% to counties, and 15% to cities and towns).  All expected revenues at the state and local levels are distributed for highway, roadway, and street improvement and maintenance activities.

 

 

 

 

 

 

 

 

 

Prepared by:  Michael Swank, LSO           Phone:  777-7881

(Information provided by Kevin Hibbard, Wyoming Department of Transportation, phone 777-4026)