CT SB00355

Increases the petroleum products gross earnings tax rate to 8.1% for calendar quarters commencing on or after July 1, 2013, up from 7% previously.

Directs the Comptroller to allocate excess petroleum products gross earnings tax revenues (above budgeted amounts) annually to the underground storage tank petroleum clean-up program beginning in fiscal year 2013.

Establishes a "rail cars and rail yard account" within the Special Transportation Fund to receive dedicated petroleum products gross earnings tax revenues for purchasing self-propelled rail cars and designing/constructing rail maintenance facilities.

Adds cosmetic grade mineral oil as a new exemption from the petroleum products gross earnings tax for first sales occurring on or after July 1, 2012.

All provisions become effective July 1, 2012.