North Carolina implements temporary 41-cent fuel tax cut

North Carolina Governor Josh Stein has signed a bipartisan legislative measure to temporarily cut the state's 41-cent fuel tax. The measure is effective immediately and is scheduled to run through November 30.

To mitigate the loss of revenue for the Department of Transportation's Highway Fund, the state will utilize funds from the Stabilization and Inflation Reserve account. Senator Phil Berger Jr. estimated that approximately $362.3 million is involved in this measure, noting that the reserve account holds a balance of about $518 million.

State Treasurer Brad Briner indicated that the use of these reserves should not negatively impact the state's top-level credit rating. The legislation passed with overwhelming support, receiving a 111-1 vote in the House and a 41-0 vote in the Senate.