Connecticut Seal

General Assembly

 

Proposed Bill No. 5

 

February Session, 2012

 

LCO No. 29

   

Referred to Committee on Finance, Revenue and Bonding

 

Introduced by:

 

SEN. SUZIO, 13th Dist.

 

AN ACT CONCERNING A CAP ON THE PETROLEUM GROSS EARNINGS TAX.

Be it enacted by the Senate and House of Representatives in General Assembly convened:

That chapter 227 of the general statutes be amended to place a cap on the petroleum gross earnings tax.

Statement of Purpose:

To prevent the state from receiving a windfall in tax revenue when gas prices rise, to reduce taxes and to slow the increase in gas prices.