CT HB07374

Establishes the Connecticut Airport and Aviation Account as a separate, nonlapsing account within the Grants and Restricted Accounts Fund, effective July 1, 2019.

Requires the Commissioner of Revenue Services to deposit 75.3% of state tax revenue from aviation fuel sources into the airport and aviation account.

Transfers funds from the airport and aviation account to the Connecticut Airport Authority for airport and aviation-related purposes, with amounts and frequency mutually agreed upon.

Reduces the sales and use tax rate on dyed diesel fuel sold by marine fuel docks exclusively for marine purposes from the standard rate to 2.99%, effective July 1, 2019.

Maintains existing exemptions for vessel repair and maintenance labor services, and exempts vessels docked in Connecticut for 60 or fewer days per calendar year from sales and use taxes.