OFFICE OF FISCAL ANALYSIS

Legislative Office Building, Room 5200

Hartford, CT 06106 (860) 240-0200

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

HB-5557

AN ACT MAKING ADJUSTMENTS TO STATE EXPENDITURES FOR THE FISCAL YEAR ENDING JUNE 30, 2013.

AMENDMENT

LCO No.: 5397

OFA Fiscal Note

REVENUE IMPACT

The amendment imposes a $3.00 per gallon cap on the wholesale price of diesel which will result in a FY 13 revenue loss of $3.3 million to the Special Transportation fund.

The following table details the current diesel rate, wholesale price per gallon and estimated number of gallons for FY 13.

FY 13 Diesel Fuel Revenue

 

Current Law

Amendment

Difference

Diesel Tax Rate

$ .512

$ .50

$ .012

Average Wholesale Price Per Gallon

$3.177

$3.00

$ .177

Revenue

$142.3 million

$139.0 million

$3.3 million

The annualized ongoing fiscal impact identified above would continue into the future dependent on the wholesale price of diesel.

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. In general, fiscal impacts are based upon a variety of informational sources, including the analyst's professional knowledge. Whenever applicable, agency data is consulted as part of the analysis, however final products do not necessarily reflect an assessment from any specific department.