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.: 5822
OFA Fiscal Note
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.