Both Democrats and Republicans in Hartford worked for and celebrated the Connecticut gasoline-tax suspension that Gov. Ned Lamont (D) signed in late March, but new data indicate its effect could be lessening.
The center-right Yankee Institute (YI) published an analysis on Saturday showing that the difference between gasoline costs in Connecticut and those in Massachusetts, which did not enact a similar gas-tax holiday, are narrowing.
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Connecticut Gov. Ned Lamont (D) and leaders of the Democrat-controlled General Assembly are touting a $24-billion budget deal for the next fiscal year that contains almost $600 million in tax reduction.
Most of the tax relief, however, will only remain in effect through the end of the year.
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The “Gasoline Misery Index” from the Metro Business Daily Network details the direct impact record-high gas prices have had on consumers across the United States.
Since President Joe Biden took office, prices of gas and other goods and services have continued to increase, as many peaked after Russia’s invasion of Ukraine.
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Connecticut Republican legislators said on Saturday they want the state to challenge a part of the American Rescue Plan Act which limits states’ ability to cut taxes.
GOP senators and representatives are calling for tax reduction beyond the targeted relief backed by Gov. Ned Lamont (D). A major roadblock to greater decreases will be the COVID-relief bill President Joe Biden signed into law last year. The act included $195.3 billion in recovery funds for states and barred states accepting allocations from using them to “directly or indirectly offset a reduction in net tax revenue… or delay the imposition of any tax or tax increase.”
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Connecticut’s plan to reduce the pain at the gas pump for its residents took effect Friday.
HB 5501 passed the state legislature last week. It, like laws in many other states, provides for a gas tax holiday as prices at the pump continue to hover at near record levels.
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Connecticut’s gas prices have slowly dipped down after reaching historic highs following the decision from President Joe Biden to ban the import of Russian oil.
According to the American Automobile Association (AAA), drivers are paying $4.337 per gallon at the pump, compared to $4.465 one week ago.
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