In a move that continues to provide financial relief to Indiana residents, Governor Mike Braun has announced the extension of the state’s gas tax holiday for an additional month. This decision marks the second extension of the suspension of both the 7% gasoline usage tax and the gasoline excise tax, which will now remain in effect until July 7.

Significant Savings for Hoosiers

The suspension of these taxes translates to a savings of more than 62 cents per gallon for drivers in Indiana. For the month of June, the gasoline usage tax would have been $0.265 per gallon, while the excise tax stands at $0.36 per gallon. The extension aims to alleviate the financial burden on families and individuals as fuel prices remain a concern.

According to AAA, Indiana currently boasts the lowest average gas prices in the nation, with a gallon of regular gasoline priced at $3.585. This is significantly lower than neighboring Kentucky, where drivers pay 34 cents more, and it is 68 cents below the national average.

Context of the Extension

The decision to extend the gas tax holiday comes amidst a backdrop of fluctuating fuel prices, which have been on a downward trend over the past week. However, prices remain elevated compared to pre-conflict levels, largely due to the ongoing war with Iran that began in late February.

Governor Braun’s proactive approach in extending the gas tax holiday underscores his commitment to supporting Indiana residents during these challenging economic times. By reducing the cost of fuel, the state aims to ease the financial strain on families and promote economic stability.

Original reporting: WLKY Louisville — read the source article.