Price at pump soon may fall slightly in North Carolina

RALEIGH, NC (AP) — The price at North Carolina pumps could soon drop a penny or two now that the General Assembly finalized gas tax changes.

For the second time in two days, the Senate and House approved Tuesday an incremental motor fuels tax decline starting Wednesday if Gov. Pat McCrory signs the bill soon. He’s already expressed support for the compromise legislation.

The bill directs the gas tax drop from 37.5 cents per gallon to 36 cents, then to 35 cents next January and 34 cents in July 2016. A new formula would take over in 2017.

Without legislation the tax would have likely fallen this summer below 30 cents due to falling gas prices. Republicans and state officials warned that would have delayed road-building projects that rely on gas tax revenues.

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