NC S751

Amends G.S. 105-449.80(a) to cap the variable wholesale component of North Carolina's motor fuel excise tax at a maximum of 15 cents per gallon.

The motor fuel excise tax remains composed of a flat rate of 17.5 cents per gallon plus a variable wholesale component calculated as the greater of 3.5 cents per gallon or 7% of average wholesale price, but the variable component cannot exceed 15 cents per gallon.

The Secretary continues to set tax rates twice annually based on six-month base periods ending September 30 and March 31, with rates applying to the following January 1 and July 1 periods respectively.

Effective date is July 1, 2011, and applies to all motor fuel taxes imposed on or after that date.