Connecticut Administrative Code
Title 12 - Taxation
602 - Petroleum Company Gross Earnings Tax
Section 12-602-2 - Credits and deductions
Universal Citation: CT Reg of State Agencies 12-602-2
Current through September 9, 2024
(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.
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