Home New mexico tax Would a gas tax exemption help the furniture industry?

Would a gas tax exemption help the furniture industry?

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HIGH POINT — As gasoline prices soared across the country, two states opted to temporarily suspend gasoline taxes at the pump.

What, if anything, could this mean for the furniture industry? Could freight and trucking companies benefit? Is there a way for the industry to capitalize on the potential temporary boost?

Maryland and Georgia are the first states in the country to do so. Georgia’s suspension will be in effect until May 31, saving consumers about 29 cents per gallon on gasoline and 32 cents per gallon on diesel. Maryland will last 30 days, saving drivers 36 cents on gasoline and nearly 37 cents on diesel.

Other states — including Michigan, Pennsylvania, Colorado, Minnesota, New Mexico and Wisconsin — are considering doing the same and have signed a joint letter to Congress asking for federal tax relief through 2022.

The suspension is controversial. Proponents say anything that can be done to save money at the pump is good. Critics, however, think the savings wouldn’t amount to much. Maryland Gov. Larry Hogan told CNBC drivers will only save about $15 over the 30 days, while costing the state $100 million in revenue. Others believe that the gas producers would benefit much more than the consumer.

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