The Indiana Board of Finance has unanimously approved a transfer of over $121.1M from the State Highway Fund to the Motor Vehicle Highway Account, the Highway, Road, and Street Fund, and the Local Road and Bridge Matching Fund.
The transfer amount represents gasoline use tax and gasoline excise tax revenue foregone from April 8th through May 31st.
Similar transfer requests will be made at subsequent Indiana Board of Finance meetings to address revenue foregone during the remaining months of Indiana’s gas tax holiday.
Indiana suspended gas taxes on April 8th and the suspension was extended until August 6th.
The decision was made to address the high prices of gasoline in the state, with the suspension affecting both the gasoline use tax and the gasoline excise tax
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