Connecticut General Statutes 12-599 – Tax to constitute operating overhead of taxpayer. Limitation on price increases in this state*
Current as of: 2023 | Check for updates
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(a) It is not the intention of the General Assembly that the tax imposed under § 12-587 be construed as a tax upon purchasers of petroleum products, but that such tax shall be levied upon and be collectible from petroleum companies as defined in said § 12-587, and that such tax shall constitute a part of the operating overhead of such companies.
Terms Used In Connecticut General Statutes 12-599
- Company: includes a corporation, partnership, limited partnership, limited liability company, limited liability partnership, association, individual or any fiduciary thereof. See Connecticut General Statutes 12-587
- petroleum products: means those products which contain or are made from petroleum or a petroleum derivative. See Connecticut General Statutes 12-587
(b) No petroleum company subject to the tax imposed under § 12-587 shall raise its posted wholesale rack price in Connecticut for any petroleum product exempt from the federal Emergency Petroleum Allocation Act (P.L. 93-159) by an amount higher than the average amount by which such company raises its wholesale rack price for such product in all ports on the eastern coast of the United States.