Fund -- Restricted account for boating uses -- Refunds -- Reduction of tax in limited circumstances. (1) (a) (i) Subject to Subsection (1)(a)(ii) and the provisions of this section and except as provided in Subsection (1)(e), a tax is imposed at the rate of 14.2% of the statewide average rack price of a gallon of motor fuel per gallon upon all motor fuel that is sold, used, or received for sale or used in this state. (ii) Beginning on July 1, 2026, and ending on December 31, 2026, the commission shall apply a tax rate of $0.319 per gallon upon all motor fuel that is sold, used, or received for sale or used in this state. (b) Subject to the requirements under Subsection (1)(c), the statewide average rack price of a gallon of motor fuel under Subsection (1)(a) shall be determined by calculating the previous three fiscal years statewide average rack price of a gallon of regular unleaded motor fuel, excluding federal and state excise taxes, for the 36 months ending on the previous June 30 as published by an oil pricing service. (c) (i) Subject to the requirement in Subsection (1)(c)(ii), the three-year rolling average of the statewide average rack price of a gallon of motor fuel determined under Subsection (1)(b) may not be less than $1.78 per gallon. (ii) The commission shall, on January 1, annually adjust the minimum statewide average rack price of a gallon of motor fuel described in Subsection (1)(c)(i) by taking the minimum statewide average rack price of a gallon of motor fuel for the previous calendar year and adding an amount equal to the greater of: (A) an amount calculated by multiplying the minimum statewide average rack price of a gallon of motor fuel for the previous calendar year by the actual percent change during the previous fiscal year in the Consumer Price Index; and (B) 0. (iii) The statewide average rack price of a gallon of motor fuel determined by the commission under Subsection (1)(b) may not exceed: (A) for a calendar year beginning on January 1, 2026, $2.82 per gallon; and (B) for a calendar year beginning on January 1, 2028, and thereafter, $2.96 per gallon. (iv) The minimum statewide average rack price of a gallon of motor fuel described and adjusted under Subsections (1)(c)(i) and (ii) may not exceed the maximum statewide average rack price of a gallon of motor fuel under Subsection (1)(c)(iii). (d) (i) The commission shall annually: (A) determine the three-year rolling average of the statewide average rack price of a gallon of motor fuel in accordance with Subsections (1)(b) and (c); (B) adjust the fuel tax rate imposed under Subsection (1)(a), rounded to the nearest one-tenth of a cent, based on the determination under Subsection (1)(b); (C) publish the adjusted fuel tax as a cents per gallon rate; and (D) post or otherwise make public the adjusted fuel tax rate as determined in Subsection (1) (d)(i)(B) no later than 60 days before the annual effective date under Subsection (1)(d)(ii). (ii) The tax rate imposed under this Subsection (1) and adjusted as required under Subsection (1)(d)(i) shall take effect on January 1 of each year. (e) In lieu of the tax imposed under Subsection (1)(a) and subject to the provisions of this section, a tax is imposed at the rate of 3/19 of the rate imposed under Subsection (1)(a), rounded up to the nearest penny, upon all motor fuels that meet the definition of clean fuel in Section
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