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Governor Signs Cap On Gross Receipts Tax

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(File: Sean Gallup/Getty Images News)

(File: Sean Gallup/Getty Images News)

Governor Dannel Malloy has signed a  cap on the gross receipts tax for gasoline.The bill,  which takes effect immediately, caps the gross receipts tax on petroleum products when prices hit $3 a gallon.

The bill,  which passed both houses of the legislature unanimously last week,  also includes provisions designed to protect consumers from price gouging.

At present prices,  the move will save drivers less than 2 cents a gallon at the pump.

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