The temporary tax cap on gasoline sold in Broome County that went into effect last June has run its course and motorists are keeping a close eye on prices.
County lawmakers had put a cap on the local gasoline tax above three dollars a gallon. The move, which was approved in late April, occurred as pump prices were soaring after Russia invaded Ukraine. The tax cap expired Thursday.
New York state stopped imposing a 16-cents-a-gallon gas tax on June 1. That "tax holiday" is scheduled to end December 31.
County Executive Jason Garnar told WNBF News that gas prices were approaching $5 a gallon when the tax cap took effect. He said the lowest price in Broome County now is around $3.50 a gallon.
Garnar said the county was "able to take the budget hit" for the temporary tax cap because its sales tax revenues were up compared to a year earlier.
The county executive said Broome was expected to lose between $1.5 million and $2 million as a result of the six-month gasoline tax break.
Some state lawmakers want New York to extend its gas tax suspension. Republican Senator James Tedisco has called for a special session of the legislature to permanently cap and suspend the state sales tax on gasoline.
Governor Kathy Hochul has not said whether she would support such a move.
Contact WNBF News reporter Bob Joseph: firstname.lastname@example.org or (607) 545-2250. For breaking news and updates on developing stories, follow @BinghamtonNow on Twitter.
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