Gas Stimulus: How Does This $200 Tax Rebate Would Work? - MARCA

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US NEWSUS NewsGas Stimulus: How does this $200 Tax Rebate would work?

Law makers in North Carolina proposed a 200 dollar payment to reduce the burden on increasing gas prices

Gas Stimulus: How does this $200 Tax Rebate would work?
Gas Stimulus: How does this $200 Tax Rebate would work?
  • SAM
Actualizado 08/06/2022 - 02:53 CDT
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With the price of gas increasing in the United States, several states are introducing measures to reduce the burden on its citizens. A recent gas-tax holiday came into effect in New York state, while a direct payment plan was approved in Maine.

The latest state proposing a monetary rebate is North Carolina with the state's Democrats pushing their GOP colleagues to introduce such a measure.

"We want to put more money in their pockets now," Senate Democratic Leader Dan Blue said.

However, the Republican party in the state are pushing for a longer-term tax cut rather than a one-time payment.

North Carolina's $200 Gas Rebate Act

The Democrats introduced the Senate Bill 897 on May 26, dedicating 1.3 billion dollars of the estimated 4 billion dollar budget surplus the state collected in revenues over the past year.

The proposal would provide North Carolina residents who are over the age of 18 as of March 31, 2022, with driving licenses a 200 dollar tax rebate.

The state would consider extending the rebate to younger drivers, but is concerned about hurting its bottom line. If approved, the rebate would be issued as either a check or a debit card and sent no later than October 1, 2022.

The average price of gasoline in North Carolina is currently at 4.63 dollars on June 8, 32 cents below the national average.

What's causing the high gas prices?

The country is still feeling the knock-on effect of the COVID-19 pandemic which forced several producers to dial back their operations due to the lock down measures in place. The return to normal has meant the demand for gas is beyond the current supply.

Additionally, some production has been intentionally left idle as investors pressure companies to increase their revenues in order to make up for lost profits during the pandemic.

Russia's invasion of Ukraine has not helped matters, with the sanctions imposed on Russia's oil exports further worsening the situation.

While Joe Biden ordered the largest release in history from the US' strategic reserve, the one million barrels a day have not been able to stall the ever increasing gas hikes.

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