HB3468 Summary

• Caps the motor fuel tax prepayment rate at $0.18 per gallon for motor fuel, beginning 30 days after the bill becomes law.

• Sets the prepayment rate for gasohol and biodiesel blends at 80% of the motor fuel rate, which equals approximately $0.144 per gallon for gasohol.

• Limits tax imposed on motor fuel, gasohol, majority blended ethanol fuel, and biodiesel blends under the Use Tax Act, Service Use Tax Act, Service Occupation Tax Act, and Retailers' Occupation Tax Act to not exceed the prepayment rates established by the Department of Revenue.

• Requires the Department of Revenue to provide at least 20 days' notice of the rate cap change to affected taxpayers.

• Takes effect immediately upon becoming law.