There is a risk that changes to the tax act will result in gas pumps, underground tanks, LED’s and other convenience store equipment costing retailers significantly more. If the Trump Tax Plan becomes law in 2017, Section 179 benefits may no longer be available to convenience store owners.
Virginia will become the first state to eliminate the conventional cents-per-gallon tax at the pump and switch to a percentage tax based on the wholesale price of gasoline and diesel. Effective July 1, 2013, the gasoline tax will be 3.5% of the wholesale price. The diesel tax will be 6% of the wholesale price. According to the Virginia Petroleum, Convenience and Grocery Association (VPCGA) the price used to figure the tax will be the wholesale price for the preceding six months.
Are you ready to pay MORE taxes? In Maryland, you already pay 23.5 cents PER GALLON in State Tax and 18.4 cents PER GALLON in Federal Tax. Now they want to raise it even more. Please take a moment to sign a petition to STOP the proposed gas tax increase! Go to www.StopTheMDGasTax.com to find out who your legislative representatives are and let them know that you have had enough! Adds 15 cents at the pump!