NC lawmakers agree to drop gas tax

RALEIGH, N.C. (AP) — North Carolina lawmakers are agreeing to a slow drop in the state gas tax.

Negotiators in the state House and Senate said if the legislation is approved next week, the gas tax will fall on April 1 from the current 37.5 cents per gallon rate to 36 cents for the rest of 2015. The state tax rate would fall again by a penny in January and then to 34 cents a gallon in July 2016.

Legislative analysts estimated the tax pegged to wholesale gas prices could likely have dropped below 30 cents a gallon.

Lawmakers said the reduced tax cut provides stability for road-building revenues so construction projects are completed.

In a statement released earlier today, Governor Pat McCrory said, “This proposal protects and stabilizes gas tax revenue so we can fund important transportation priorities that connect communities throughout our state. I appreciate the spirit of cooperation by House and Senate leaders in working to reach this bipartisan compromise.”

(Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)