Gas Tax Holiday: How Much Can
In US States Save?
The pandemic caused by COVID-19 has ended, and with it comes a return to normalcy across the world. However, the price of gasoline has skyrocketed.
To combat the rapidly rising prices, several states have implemented a Gas Tax Holiday, which temporarily suspends state-imposed taxes on gas prices.
The conclusion of the study was that "however, these price reductions were frequently not maintained throughout the entirety of the holiday."
Maryland was the first state to suspend its gas tax, saving consumers 36 cents per gallon on gasoline and 37 cents on diesel.
States With A Gas Tax Holiday
Georgia's suspension went into effect on May 31, saving consumers 29.1 cents per gallon on gasoline and 32.6 cents per gallon on diesel.
Since Governor Ned Lamont announced a Gas Tax Holiday in March, Connecticut residents have saved between 71 and 87 percent.
The state of New York suspended the state's 8 cent fuel tax and an 8 cent sales tax between June 1 and December 31, saving consumers 16 cents per gallon.
Governor Ron DeSantis announced recently a Gas Tax Holiday, in which the state will reduce gas prices by 25.3 cents per gallon beginning October 1, 2022.
While efforts to repeal the 51-cent gas tax were unsuccessful, a portion of the state's diesel tax was repealed, saving consumers 23 cents per gallon.