Connecticut § 12-599 Tax to constitute operating overhead of taxpayer. Limitation on price increases in this state*.

Connecticut Statutes

§ 12-599 — Tax to constitute operating overhead of taxpayer. Limitation on price increases in this state*.

Connecticut·Title 12 Taxation·Ch. 227 Sale of Petroleum Products Gross Earnings Tax

(a)It is not the intention of the General Assembly that the tax imposed under section 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 section 12-587, and that such tax shall constitute a part of the operating overhead of such companies.

(b)No petroleum company subject to the tax imposed under section 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. *Note: Unconstitutional as violative o

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(a) It is not the intention of the General Assembly that the tax imposed under section 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 section 12-587, and that such tax shall constitute a part of the operating overhead of such companies. (b) No petroleum company subject to the tax imposed under section 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. *Note: Unconstitutional as violative of supremacy clause. Mobil Oil Corp. v. Dubno (D.C. 1980) 492 F. Supp. 1004.

Connecticut § 12-599 (Tax to constitute operating overhead of taxpayer. Limitation on price increases in this state*.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

(P.A. 80-71, S. 13, 30.) History: P.A. 80-71 effective July 1, 1980, and applicable to calendar quarters commencing on or after that date. Cited. 202 C. 583. Cited. 44 CS 407.