Malloy says he'll sign Conn. gas tax cap bill
Gov. Dannel P. Malloy says he'll sign legislation that caps the state tax on the wholesale price of gasoline.
The General Assembly unanimously approved the bill on Wednesday.
Malloy said he'll sign the legislation, which also attempts to protect consumers from alleged profiteering and price gouging by oil wholesalers, on April 4. There is a delay in order to give businesses time to adjust their computer systems to the new cap in the gross receipts tax.
Under the bill, the cap kicks in when the wholesale price hits $3.
Considering the wholesale price at the port in New Haven is currently about $3.20 a gallon, the legislation would reduce the current price of regular unleaded by 1.5 cents. But proponents said the bill also protects consumers from future increases.