AN ACT CONCERNING ADJUSTMENTS TO CERTAIN PETROLEUM PRODUCTS TAXES, PETROLEUM FRANCHISE AGREEMENTS, GASOLINE DISCOUNTS FOR CONSUMERS, HOME HEATING OIL AND PROPANE GAS CONTRACT DEPOSITS AND THE FUEL OIL CONSERVATION ACCOUNT.

OFFICE OF FISCAL ANALYSIS

Legislative Office Building, Room 5200

Hartford, CT 06106 (860) 240-0200

http: //www.cga.ct.gov/ofa

SB-1000

AN ACT CONCERNING ADJUSTMENTS TO CERTAIN PETROLEUM PRODUCTS TAXES, PETROLEUM FRANCHISE AGREEMENTS, GASOLINE DISCOUNTS FOR CONSUMERS, HOME HEATING OIL AND PROPANE GAS CONTRACT DEPOSITS AND THE FUEL OIL CONSERVATION ACCOUNT.

AMENDMENT

LCO No.: 6827

Agency Affected	Fund-Effect
Department of Revenue Services	GF - See Below

Note: GF=General Fund

Municipal Impact: None

Explanation

The amendment caps the wholesale price for purposes of calculating the Petroleum Gross Earnings Tax at $3.40 per gallon. This will preclude a General Fund revenue gain if the average wholesale price for gasoline exceeds $3.40. The current FY 09 estimate for the tax assumes that the average wholesale price of gasoline will be $3.40 per gallon.

The preceding Fiscal Impact statement is prepared for the benefit of the members of the General Assembly, solely for the purposes of information, summarization and explanation and does not represent the intent of the General Assembly or either chamber thereof for any purpose.