12/10/2023 0 Comments Democrats weigh carbon tax after key![]() Connecticut is one of fourteen states that choose to adhere to California’s emission standards as opposed to federal standards. When California announced its decision to phase out the sale of gasoline powered cars in 2022, Connecticut was statutorily obligated to follow suit. The gross receipts tax accounted for $397 million in revenue during fiscal year 2022, according to the Department of Revenue Service’s annual report, and it’s one of the highest revenue generators for the transportation fund.Īccording to consensus revenue estimates published by the Office of Policy and Management in May of 2023, the oil companies tax is expected to bring in $390 million to the STF this fiscal year, while the motor fuels tax, is expected to generate $532 million.ĭEEP’s estimate was based on a similar estimate submitted by the California Air Resources Board (CARB). The Oil Companies Tax is an 8.1 percent tax levied on the total of all oil products sold in the state, including for gasoline sales up to $3 per gallon. However, the analysis does not account for the potential revenue impact to Connecticut’s Petroleum Gross Earnings Tax – also called the Oil Companies Tax. A regulatory cost analysis submitted by the Department of Energy and Environmental Protection (DEEP) regarding the proposed phasing out of new gasoline powered car sales beginning in 2027 does not include potential revenue impact to one of the state’s major revenue sources for the Special Transportation Fund.ĭEEP’s cost impact for the controversial phase out of gasoline powered car sales posits a 5 percent decrease in Connecticut’s gasoline excise tax with a cumulative loss of $762.2 million between 20.
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