OFFICE OF FISCAL ANALYSIS

Legislative Office Building, Room 5200

Hartford, CT 06106 (860) 240-0200

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

HB-6001

AN ACT IMPLEMENTING PROVISIONS OF THE STATE BUDGET FOR THE FISCAL YEAR BEGINNING JULY 1, 2012.

AMENDMENT

LCO No.: 5797

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 shows the current diesel rate, the wholesale price per gallon and the estimated revenue from diesel fuel in 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.