Connecticut Senate Bill SB01095

Connecticut 2013 Regular Session

• Introduced: 3/7/13
• Refer: 3/7/13

Caption

An Act Eliminating The Increase In The Petroleum Products Gross Earnings Tax.

Impact

The proposed measure is anticipated to have significant implications for state revenues derived from petroleum sales. By halting the tax increase, the bill proposes to keep the financial burden on companies stable, which supporters argue will contribute positively to the local economy. Opponents, however, may raise concerns regarding the potential loss of additional tax revenues that could have been used for public services and infrastructure improvements. The debate surrounding SB01095 emphasizes the delicate balance between business interests and state funding needs.

Summary

SB01095, titled An Act Eliminating The Increase In The Petroleum Products Gross Earnings Tax, seeks to repeal an imminent increase in taxation related to the gross earnings of petroleum products in the state. The bill specifically targets the scheduled adjustment in the tax rate which would have taken effect on July 1, 2013. By eliminating this increase, the bill aims to maintain the current tax levels for companies involved in the refining and distribution of petroleum products.

Contention

The discussion around SB01095 illustrates the tension between regulatory policy and economic growth. Proponents of the bill assert that the tax increase could stifle competition and hinder financial stability for businesses operating in the state's petroleum sector. Conversely, critics may argue that the inability to implement the tax increase restricts the state’s fiscal capacity to support vital programs. As such, the bill invites scrutiny regarding its long-term effects on both the economic landscape and the state’s budgetary health.