Sec. 3. (a) The department shall calculate an annual index factor to be used for the rate to take effect each July 1 beginning in 2018 through July 1, 2024. The department shall determine the index factor before June 1 of each year using the method described in subsection (b).
(b) The annual gasoline tax index factor and special fuel index factor equals the following:
STEP ONE: Divide the annual CPI-U for the year preceding the determination year by the annual CPI-U for the year immediately preceding that year.
STEP TWO: Divide the annual IPI for the year preceding the determination year by the annual IPI for the year immediately preceding that year.
STEP THREE: Add:
(A) the STEP ONE result; and
(B) the STEP TWO result.
STEP FOUR: Divide the STEP THREE result by two (2).
As added by P.L.218-2017, SEC.37. Amended by P.L.185-2018, SEC.3.
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