SB323 Summary

• Replaces the motor fuel receipts tax (imposed on gross receipts) with a petroleum activity tax effective July 1, 2014, measured by a hybrid of gallons sold and average wholesale fuel prices rather than total revenues

• Tax rate set at 0.65% applied to "modified gross receipts" calculated by multiplying gallons of gasoline first sold times the average unleaded regular gasoline wholesale price, plus gallons of other motor fuel times the average diesel fuel wholesale price

• Tax commissioner must publish statewide average wholesale prices for unleaded regular gasoline and diesel fuel quarterly, excluding federal and state excise taxes and the petroleum activity tax itself

• Taxpayers may bill and invoice the tax separately to purchasers of motor fuel; revenue distributed for highway maintenance, traffic law enforcement, and indigent motorist hospitalization, with remainder going to state and local government needs

• Renames all related funds and licensing provisions from "motor fuel receipts" to "petroleum activity" throughout Ohio tax code sections 5703, 5736, 5751