Section 6-6-1.6-3 - Calculation of annual index factors(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, 2027. 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).
(c) If the CPI-U or IPI for a preceding year is revised, corrected, or updated after May 31 of that year, the department shall use the CPI-U or IPI as published for the preceding year prior to revision.Amended by P.L. 201-2023,SEC. 107, eff. 7/1/2023.Amended by P.L. 159-2021,SEC. 31, eff. 7/1/2021.Amended by P.L. 185-2018,SEC. 3, eff. 7/1/2018.Added by P.L. 218-2017,SEC. 37, eff. 4/27/2017.