— The Connecticut General Assembly passed a transportation bill that includes provisions for raising the state’s tax on gross earnings derived from the sale of petroleum products. The first increase took effect July 1 and will cost consumers roughly an extra penny per gallon.
Currently, Connecticut consumers pay 25 cents per gallon state excise tax on gasoline and another 18.4 cents per gallon federal excise tax on gasoline. On diesel fuel, Connecticut consumers pay 26 cents per gallon state excise tax and another 24.4 cents per gallon federal excise tax.
In addition, Connecticut motor fuel prices reflect the effect of the “hidden” state tax on gross earn-ings derived from the sale of petroleum products, currently at 5 percent. The new legislation raises the rate on that tax to 5.8 percent effective July 1 and continues to increase the tax rate to as high as 8.1 percent by July 1, 2013.
Originally posted on Fleet Financials