OFFICE OF FISCAL ANALYSIS

Legislative Office Building, Room 5200

Hartford, CT 06106 (860) 240-0200

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

SB-1239

AN ACT CONCERNING THE BUDGET FOR THE BIENNIUM ENDING JUNE 30, 2013.

AMENDMENT

LCO No.: 5688

OFA Fiscal Note

State Impact:

Agency Affected

Fund-Effect

FY 12 $

FY 13 $

Department of Revenue Services

GF - Revenue Impact

See Below

See Below

Department of Transportation

TF - Revenue Impact

See Below

See Below

Note: GF=General Fund; TF=Transportation Fund

Municipal Impact: None

Explanation

The amendment caps the wholesale price to which the Petroleum Gross Earnings Tax applies in FY 12 and FY 13. To the extent that the price of gas rises above the cap amounts, this precludes a revenue gain in FY 12 and FY 13.

The amendment also increases by $10 million the amount of Petroleum Gross Earnings Tax revenue that is transferred from the General Fund to the Special Transportation Fund in FY 12, which results in a $10 million revenue loss to the General Fund and commensurate revenue gain to the Special Transportation Fund.

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.