OFFICE OF FISCAL ANALYSIS

Legislative Office Building, Room 5200

Hartford, CT 06106 (860) 240-0200

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

SB-457

AN ACT CONCERNING A CAP ON THE PETROLEUM PRODUCTS GROSS EARNINGS TAX AND PENALTIES FOR ABNORMAL PRICE INCREASES IN CERTAIN PETROLEUM PRODUCTS.

AMENDMENT

LCO No.: 2908

OFA Fiscal Note

State Impact:

Agency Affected

Fund-Effect

FY 14 $

Department of Revenue Services

GF - Revenue Loss

55 million

Note: GF=General Fund

Municipal Impact: None

Explanation

The amendment eliminates the petroleum products gross earnings tax (PGET) rate increase, from 7.0% to 8.1%, currently scheduled to occur on July 1, 2013. This results in a revenue loss of approximately $55.0 million annually beginning in FY 14.

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.