RICHMOND, Va. (WAVY) — Virginia Gov. Glenn Youngkin has sent legislation to the General Assembly to suspend the state gas tax for three months.
That tax is just over 26.2 cents per gallon and 27 cents for diesel.
Youngkin’s proposal would suspend the state gas tax for May, June and July then phase it back in during August and September, according to a governor’s office news release.
The goal is to help drivers save on high gas prices, which have been on the rise, especially since Russia invaded Ukraine.
Del. Tara Durant (R-Stafford) and Sen. Steve Newman (R-Lynchburg) will introduce the legislation.
“Virginians need tax relief and it’s time for the General Assembly to act on the multiple tax relief proposals. With gas prices and inflation squeezing families’ pocket books across Virginia and the nation and with over $1 billion in unanticipated revenue in our transportation fund, the general assembly must act now. Virginia should join numerous other states, led by both Republicans and Democrats, in temporarily suspending the gas tax. Actions speak louder than words, we can lower gas prices now for all Virginians,” said Youngkin.
Youngkin’s proposal would also limit the annual gas tax adjustment to no more than 2% each year.
Gas tax revenue has traditionally be deposited in the Commonwealth Transportation Fund with a portion of the Virginia sales and use tax.
Youngkin’s office said the Commonwealth Transportation Fund funds maintenance and construction projects and currently is seeing revenue well above what was forecasted. The office said the fund has $671.4 million in unanticipated revenue in fiscal year 2022 and $457.6 million in fiscal year 2023.
We will keep you posted on the legislation.