NC H645

Caps the variable wholesale component of the motor fuel excise tax at 17.5 cents per gallon from January 1, 2012, through June 30, 2012.

Requires the Department of Transportation to achieve $95,835,587 in expenditure savings from the Highway Fund in fiscal year 2011-2012, with flexibility to reduce programs, eliminate positions, and make pro rata cuts while maintaining statutory distribution formulas.

Authorizes the Department of Transportation to use $31,744,464 from the unreserved Highway Fund credit balance to offset the required management flexibility cuts.

Directs the Joint Legislative Transportation Oversight Committee to study motor fuel tax reform options, evaluate all Highway Fund and Highway Trust Fund fees and taxes, and report recommendations to the 2013 General Assembly regarding comprehensive transportation funding structure.

Requires the Joint Legislative Transportation Oversight Committee to study and report on the impact of federal transportation allocation reductions exceeding 10% if such reductions occur before the 2012 Regular Session.