Georgia Governor Suspends Gas and Diesel Taxes Amid Rising Fuel Costs

In response to the ongoing surge in fuel costs, Georgia Governor Brian Kemp signed an executive order on Tuesday to suspend state taxes on gasoline and diesel fuel temporarily. The tax suspension, which amounts to 31.2 cents per gallon on gasoline and 35 cents per gallon on diesel fuel, will take effect starting Wednesday and will remain in place until October 12.

This decision follows a previous suspension of these taxes, resulting in an estimated $1.7 billion in revenue loss over a ten-month period from March 2022 to January 2023, equating to roughly $170 million per month. Fortunately, Georgia’s financial stability allows for this tax relief, with substantial surplus cash in state accounts and a robust rainy day fund.

Kemp’s move is expected to shift the political discourse in the state, diverting attention from a grand jury indictment related to the 2020 presidential election and focusing instead on his tax-cutting efforts. He argues that these tax cuts will help Georgian residents combat inflation, although economists have different opinions on the effects of such measures.

Read: Donald Trump Enters Not Guilty Plea in Georgia Election Case

The suspension of gas and diesel taxes is part of the governor’s broader campaign promises, which include reducing gas, income, and property taxes, emphasizing his commitment to fiscal conservatism and differentiation from the Biden administration’s policies.

Under Georgia state law, Kemp can continue to suspend taxes as long as state lawmakers ratify his actions when they convene. State House Speaker Jon Burns has expressed support for the move, indicating legislative backing for the tax break, with the next legislative session scheduled for January.

While these tax suspensions will provide some immediate relief to Georgia drivers, it may take a few days for the impact to be reflected in pump prices. Currently, the average price of unleaded gasoline in Georgia is $3.57 per gallon, ranking 11th lowest among U.S. states, and the average diesel price is $4.35 per gallon.


Information for this story was found via the Associated Press, and the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Baselode Energy To Acquire Forum Energy: The Merger Of Equals Deal

TriStar Gold: The Revised Castelo de Sonhos Prefeasibility Study

Gold is Up 30%, But the Real Bull Market is Only Starting Now! | Adrian Day

Recommended

ESGold To Expand Mine Building At Montauban In Advance Of Gold & Silver Production

Goliath Resources Expands 2025 Drill Program To 60,000 Metres

Related News

Georgia Authorities Investigating Threats Against Grand Jury Members Indicting Trump and Allies

Georgia law enforcement officials are currently investigating threats made against members of the grand jury...

Friday, August 18, 2023, 03:47:00 PM

Donald Trump Enters Not Guilty Plea in Georgia Election Case

Former US President Donald Trump, facing allegations of election interference in Georgia, has boldly pleaded...

Thursday, August 31, 2023, 12:20:45 PM

Trump’s $7 Million Gain From His Mugshot Could Go To Fulton County Amid Copyright Issue

Donald Trump has capitalized on his Fulton County mugshot, potentially infringing U.S. copyright laws while...

Tuesday, September 5, 2023, 11:03:00 AM

Georgia’s President Rejects Election Results, Claims Russian Interference

Georgian President Salome Zourabichvili has refused to recognize the October 26 parliamentary elections, declaring them...

Monday, October 28, 2024, 02:54:00 PM

Trump Faces Possible 5-Year Minimum Jail Time As Georgia Indicts Him For Election Interference

A local prosecutor in Atlanta has filed criminal charges against former US President Donald Trump...

Tuesday, August 15, 2023, 11:28:12 AM