Here’s How Much Will You Save With CT’s Gas Tax Holiday
While putting this story together, the Connecticut House had just passed the Connecticut Gas Tax Holiday and the bill was headed to the Senate where it's expected to pass as well.
There's a good chance that by the time you're reading this, the Connecticut gas tax holiday bill will have passed through the Connecticut Senate and go into effect starting April 1 and continue for 3 months until June 30.
Earlier today (Wednesday), the Connecticut House of Representatives passed a proposal to suspend the state's gas tax, as gas prices saw an all-time high this month.
The House voted to pass the bill to suspend the state’s 25 cent gas tax with no opposition, and the senate was scheduled to vote by Wednesday evening.
If you didn't know, the bill would make prices at the pump a little cheaper. Connecticut's average price is still well above $4 dollars a gallon, so this would ease the pain a little. The bill also includes a week in April where people can purchase clothing and footwear for up to $100 with no sales tax, which would be in addition to the holiday in August ahead of school return, and the bill would also make bus transportation free to the public.
So let's say the bill has passed fully and will become the law of the land, how will it affect people in Connecticut and how much will we actually be saving?
According to nbcconnecticut.com, an expert on this topic, John Rosen, who is an economics professor at the University of New Haven, broke things down so we could understand what the actually savings of this bill would be.
Since the average tank of gas holds between 10 and 15 gallons, and with the price of gas after the tax break filtered in here's the breakdown. If you put 10 gallons of gas in your vehicle, with the full 25 cents discount included, you would be saving approximately $2.50 a week, and that adds up to $10 dollars a month, and a total of around $120 a year.
No it's not going to be a life changing amount, but hey, $120 a year is better then nothing, right? And if you invest it properly, it could turn into something a bit more interesting.
By the way, if you drive a diesel vehicle, there will be no tax cut. The reason being is that if you look at the overall statistics, a good majority of those filling their tanks with diesel in Connecticut are out of state truckers.