AB 2722: Motor Vehicle Fuel Tax Law: suspension of tax.

The bill suspends the imposition of a tax on motor vehicle fuels for one year. The tax suspension applies to all motor vehicle fuels removed from a refinery or terminal rack, entered into the state, or sold in the state. The savings realized from the suspension of the tax must be passed on to the end consumer, and failing to do so is considered an unfair business practice. Sellers of motor vehicle fuels must provide a receipt to the purchaser indicating the amount of tax that would have otherwise applied to the transaction. The state will transfer a specified amount from the general fund to the motor vehicle fuel account in the transportation tax fund to cover the lost revenue. The bill takes effect immediately as an urgency statute.