Connecticut HUT revenue lower than expected
Connecticut’s highway use tax on trucks traveling throughout the state is off to a slow start, and revenues are lower than first estimated.
From Inside Investigator.
Connecticut’s highway use tax (HUT) on trucks traveling throughout the state is off to a slow start, according to figures from the Department of Revenue Service.
The tax, which is based on the weight of the truck and the miles it travels throughout the state, began in January of 2023 and was expected to bring in $45 million in revenue to the Special Transportation Fund (STF) over the course of fiscal year 2023, according to consensus revenue estimates from January. That figure was adjusted downward to $35 million in the May consensus revenue estimates.
Thus far, however, the tax has brought in only $18.6 million for the months of January through April, according to the Department of Revenue Services, a little more than half of what analysts expected.
Read the full article at the Inside Investigator website.