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Regulations of Connecticut State Agencies (Last Updated: June 14,2023) |
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Title12 Taxation |
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SubTitle12-602-1_12-602-2. Petroleum Company Gross Earnings Tax |
| Sec. 12-602-1. [Repealed] |
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Latest version.
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Repealed May 17, 1983. |
| Sec. 12-602-1a. Definitions |
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Latest version.
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(a) "Company" means any corporation, partnership, limited partnership, association or individual which is engaged in distributing petroleum products within this state. (b) "Petroleum products" mean refined products made from crude petroleum and its fractionation products, through straight distillation of crude oil or through redistillation of unfinished petroleum derivatives. "Petroleum products" include acid oil; alkylates; aromatic chemicals; asphalt and asphaltic materials, liquid and solid; benzene; butadiene; coke, petroleum; fractionation products of crude petroleum; gas, refinery or still oil; gases, liquefied petroleum; gasoline; greases, lubricating; hydrocarbon fluid; jet fuels; kerosene; mineral jelly; mineral oils, natural; mineral waxes, natural; naphtha; napthenic acids; oils, fuel, lubricating and illuminating; paraffin wax; petrolatums, non-medicinal; road materials, bituminous; road oils; solvents; and tar or residuum. This list is drawn from the Standard Industrial Classification Manual of 1972, Executive Office of the President, Office of Management and Budget, Major Group 29. (c) "Gross earnings" mean and include gross receipts from the initial sale of petroleum products, but do not include the amount of state or federal excise taxes on gasoline or special fuel. (d) "Initial sale of a petroleum product" means the first sale within this state by a company of a petroleum product. |
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(Effective May 17, 1983) |
| Sec. 12-602-2. Credits and deductions |
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Latest version.
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(a) A company shall be allowed to deduct from its gross receipts (for the tax period covered by Form OP 219) an amount which is attributable to its initial sales of petroleum products to another company and which is included in its gross receipts for such tax period, provided — (1) all petroleum products which such other company purchases from the company are purchased exclusively for sale or use without this state, and (2) such other company completes Form OP 219 and submits such form to the company. (b) A company shall be allowed a credit against the tax, provided — (1) the company made the initial sale of a petroleum product to another company, (2) such petroleum product was purchased by such other company for sale or use without this state, (3) the company included in the measure of its tax liability an amount which is attributable to such initial sale to such other company, and (4) such other company completes Form OP 218 and submits such form to the company. (c) Forms. (1) Form OP 218. (2) Form OP 219.  >  > |
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(Effective May 17, 1983) |