OFFICE OF FISCAL ANALYSIS
Legislative Office Building, Room 5200
Hartford, CT 06106 (860) 240-0200
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.
LCO No.: 6827
OFA Fiscal Note
Department of Revenue Services
GF - See Below
Note: GF=General Fund
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.