Exported petroleum products

From the 2024 DOR Tax Exemption Study

82.23B.040 - Exported petroleum products Description Taxpayers may claim a credit against oil spill tax paid on crude oil or petroleum products subsequently exported or sold for export from the state. Purpose Allows the tax to apply only to products consumed within the state. Taxpayer ($ in millions): savings FY 2024 FY 2025 FY 2026 FY 2027 State Taxes $4.721 $4.721 $4.721 $4.721 Local Taxes $0.000 $0.000 $0.000 $0.000 Repeal of Repealing this credit would increase revenues. exemption Potential ($ in millions): revenue gains FY 2024 FY 2025 FY 2026 FY 2027 from full repeal State Taxes $0.000 $4.328 $4.721 $4.721 Local Taxes $0.000 $0.000 $0.000 $0.000 Assumptions - This repeal takes effect July 1, 2024, and impacts 11 months of collections in fiscal year 2025. - Growth rate mirrors the zero growth rate reflected in the Department of Revenue's March 2023 Non-General Fund forecast for oil spill tax collections. Data Sources - Department of Revenue, Excise tax data - Department of Revenue, March 2023 Non-General Forecast Additional Additional Information Information Category: Tax base Year Enacted: 1991 Primary Beneficiaries: Exporters of crude oil or petroleum products that were off-