News Minute: CA Gas Tax Revenue Dip Threatens Roads, Dyer

Dec 22, 2023  · California’s funding from gas taxes will drop by nearly $6 billion in the next decade due to the state's EV rules and other climate programs.


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News Minute: CA Gas Tax Revenue Dip Threatens Roads, Dyer

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Dec 22, 2023  · California’s funding from gas taxes will drop by nearly $6 billion in the next decade due to the state's EV rules and other climate programs.

gvwire.com

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California Gas Tax Revenue Will Drop By $6 Billion, Threatening Roads

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Dec 13, 2023  · This year’s budget, passed in June, includes about $14.2 billion in state funding for transportation. The report projects declines of $5 billion, or 64%, in the state’s gasoline …

calmatters.org

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California’s Budget Problems Could Only Get Worse As EV Mandate …

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Jun 24, 2024  · The gas tax generated $6.5 billion in revenue in fiscal 2022 and produced an estimated $7.4 billion in fiscal 2023. Effective July 1, the state’s tax on gasoline will be 59.6 …

washingtonexaminer.com

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California Gas Tax Revenue Will Drop By $6 Billion, Threatening Roads ...

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Dec 14, 2023  · Traffic on Highway 99 near Parkway Drive in Fresno on Feb. 25, 2023. Photo by Larry Valenzuela, CalMatters/CatchLight Local. (CALMATTERS) – California’s funding from …

sacobserver.com

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California Gas Tax Revenue Will Drop By $6 Billion, Threatening Roads ...

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Dec 23, 2023  · California’s funding from gas taxes will drop by nearly $6 billion in the next decade due to the state’s electric car rules and other climate programs, ... California gas tax revenue …

davisenterprise.com

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California's Gas Tax Revenue To Drop By $6 Billion As It Transitions To ...

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Dec 14, 2023  · As California decides how to raise money over the next 10 years to offset gas tax losses, it’s also dealing with a projected $68 billion deficit next year. Scott Budman has more …

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California Gas Tax Revenue Will Drop By $6 Billion, Threatening Roads ...

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Dec 15, 2023  · California’s funding from gas taxes will drop by nearly $6 billion in the next decade due to the state’s electric car rules and other climate programs, “likely resulting in a decline in …

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California Faces Nearly $6 Billion Drop In Gas Tax Revenue, …

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Dec 18, 2023  · California’s funding from gas taxes will drop by nearly $6 billion in the next decade due to the state’s electric car rules and other climate programs, “likely resulting in a decline in …

localnewsmatters.org

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California's Climate And EV Programs Leading To $6 Billion Drop In …

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Dec 14, 2023  · The report projects declines of $5 billion, or 64%, in the state’s gasoline excise tax, $290 million, or 20%, in the diesel excise tax and $420 million, or 20%, in the diesel sales …

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California Gas Tax Revenue Will Drop By $6 Billion ... - GV Wire

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Dec 21, 2023  · Lea este artículo en español. California’s funding from gas taxes will drop by nearly $6 billion in the next decade due to the state’s electric car rules and other climate …

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California's Budget Grows 80% While Its Population Shrinks ... - GV …

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Jan 2, 2024  · California policies affecting revenue don’t stop with income tax. The LAO also predicts a $6 billion decline in gas tax revenue, driven by a rise in electric vehicles. Related …

gvwire.com

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GV Wire - ️ ️ ️⛽ California Gas Tax Revenue Will Drop By...

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Dec 21, 2023  · ️ ️ ️⛽ California Gas Tax Revenue Will Drop by $6 Billion, Threatening Roads . . . . . . . . . #GVWire #News #Politics #Economy #Money #Business #Transportation …

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California’s Gas Tax Revenue To Drop By $6 Billion As It Transitions To ...

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Electric vehicles or EVs bring a lot of benefits to California, but there is a cost. By not getting gas, EV owners don’t pay the gas tax and that’s costing the state billions. Scott Budman ...

nbcbayarea.com

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EV Transition Threatens Roads With Big Gas Tax Revenue Drop

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Dec 14, 2023  · California’s funding from gas taxes will drop by nearly $6 billion in the next decade due to the state’s electric car rules and other climate programs, “likely resulting in a decline in …

californialocal.com

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California's Gas Tax Revenue To Drop By $6 Billion As It Transitions To ...

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Dec 14, 2023  · As California drivers gradually transition from gas to electric cars and trucks, there will be fewer people fueling up, and that means the state will lose $6 billion in revenue over the …

nbcbayarea.com

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California Might Levy A New Tax On Gas Companies. Here’s What To …

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Oct 26, 2022  · California might levy a new tax on gas companies. ... which wound up bringing in about 40% of the tax revenue raised for the war. ... it brought in $80 billion — far lower than …

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Why Is California Getting An Avalanche Of Unexpected Tax …

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Oct 3, 2024  · For the first six months of its 2024 fiscal year, Nvidia paid $7.45 billion in income taxes, compared with $328 million in the first half of 2023. Those totals included federal and …

gvwire.com

FAQs about News Minute: CA Gas Tax Revenue Dip Threatens Roads, Dyer Coupon?

Does California have a gas tax?

With the decline of gas-powered vehicles on California roads, the state will face a steep drop in revenue from its gas tax. The gas tax generated $6.5 billion in revenue in fiscal 2022 and produced an estimated $7.4 billion in fiscal 2023. Effective July 1, the state’s tax on gasoline will be 59.6 cents, up from 57.9 cents. ...

Will California lose $6 billion in gas tax revenue?

According to a state analysis, California will lose nearly $6 billion in gas tax revenue over the next decade as California phases out gas-powered cars. With California navigating a $45 billion budget deficit just two years after the Golden State enjoyed the flush of a $100 billion surplus, the news spells more trouble for Newsom’s budget battles. ...

How will California's gas tax impact Newsom's budget battles?

California will lose billions in revenue from its gas tax as the state’s stringent environmental regulations take effect, magnifying Newsom‘s budget battles. ...

Will EV taxes offset California's gas tax deficit?

However, the state’s analysis reports that EV taxes will only offset a portion of the lost gas tax funds. California is also considering a proposal to implement a “road charge” program that would address the looming deficit. The plan is a mileage tax, aiming to charge drivers for using the roads based on how many miles they’ve traveled. ...

How will California's electric cars affect tax revenue?

As the state battles climate change and Californians drive fewer gas-powered cars, tax revenue will drop substantially, according to a new state analysis. EV fees will make up only part of the transportation shortfall so lawmakers need new funding options. ...

How did Texas get a big jump in gas taxes?

The state’s most recent big jump in gas taxes occurred in 2017, when the Legislature passed a bill aimed at increasing revenues by $5 billion a year to finance highway improvements. Opponents tried to cancel the tax increase through a ballot measure the following year, but voters rejected the repeal. ...

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